Paxos Trust Company logo displayed on a smartphone screen. Source: Rafael Henrique - stock.adobe.com

Key Takeaways:

Paxos and DBS Bank launched the USDG stablecoin, fully compliant with Singapore’s regulatory standards, and backed by U.S. dollar reserves.
USDG initially operates on Ethereum, with planned expansion to additional blockchains as regulatory frameworks evolve.
Paxos aims to drive global stablecoin adoption through partnerships with exchanges, wallets, and trading platforms, positioning USDG for enterprise use.

Paxos has partnered with DBS Bank to introduce the Global Dollar (USDG), a new Singapore-compliant stablecoin fully backed by U.S. dollar reserves.

Launched on October 31, USDG follows the release of Paxos’ UAE-based stablecoin, Lift Dollar (USDL), in May.

(1/4) Today marks an exciting milestone in Paxos’ history. We’re pleased to introduce @global_dollar, the latest US dollar-backed stablecoin issued by Paxos. This is the 6th trusted digital asset from Paxos and its affiliates.

View the official press release here:… pic.twitter.com/G7fb9Ny9bT
— Paxos (@Paxos) October 31, 2024

Approved by the Monetary Authority of Singapore (MAS) in July, USDG complies with Singapore’s stablecoin regulations, established in August 2023.

Initially operating on the Ethereum blockchain, USDG plans to expand to additional chains as regulatory landscapes evolve.

DBS Bank’s digital assets head, Evy Theunis, highlighted the partnership’s role in strengthening DBS’s involvement in the digital asset ecosystem.

Paxos aims to drive global adoption of USDG by collaborating with exchanges, wallets, and trading platforms.

This strategic move aligns with increasing regulatory acceptance, as noted by Swiss digital asset bank Sygnum, which sees regulatory standards as essential for real-world stablecoin usage growth.

USDG is designed for 1:1 redemption with fiat currency, supported by U.S. government securities and cash equivalents, enabling Paxos to meet high regulatory standards and boost enterprise adoption.