Paxos and DBS Bank Launch USDG Stablecoin in Singapore

Blockchain infrastructure firm Paxos has introduced a new stablecoin, USDG, in Singapore.

USDG is backed 1:1 by the U.S. dollar, and it was developed in partnership with DBS Bank to meet the regulatory standards of the Monetary Authority of Singapore (MAS), according to Paxos’ announcement on November 1, 2024.

This launch marks Paxos’s second regional stablecoin release this year, following the UAE-based Lift Dollar (USDL) introduced earlier in 2024. Paxos Digital Singapore, the firm’s local branch, obtained MAS approval for USDG in July, aligning the stablecoin with Singapore’s evolving digital asset regulations. Initially available on the Ethereum blockchain, USDG is set to expand to other networks as regulatory compliance progresses.

Paxos views USDG as a stablecoin designed to drive global adoption, targeting both crypto-native users and regulated institutions that uphold rigorous operational standards. “USDG is built to power the next wave of global stablecoin adoption,” the announcement read, indicating a broad vision for integrating stablecoins within both digital and regulated ecosystems.

To enhance USDG’s accessibility, Paxos noted plans to collaborate with global exchanges, wallets, and trading platforms. Ronak Daya, Paxos’ Head of Product, highlighted that DBS’s support would be instrumental in driving enterprise-level adoption of stablecoins.

Evy Theunis, Head of Digital Assets at DBS, emphasized the bank’s commitment to supporting regulated and high-standard stablecoin operations:

“Stablecoin issuers will find that our solutions help them meet the robust standards expected by regulators and customers alike.”

DBS Bank is one of Asia’s leading banks and it has been ahead of its peers in exploring and offering its digital asset services. The bank recently announced that it was integrating its compatible permissioned blockchain into its core banking systems. It noted it is taking advantage of tokenization, smart contracts and blockchain-powered features to provide its customers with faster and better services.

Earlier in the year, DBS piloted a blockchain-based government grant distribution platform in partnership with Enterprise Singapore and the Singapore Fintech Association (SFA). This smart contract solution was designed to improve efficiency in public sector funding. At the time, the bank noted the project demonstrated its ongoing commitment to digital innovation in financial services.

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