Paxos Launches USDG: A New Stablecoin Backed by DBS Bank

This special type of digital money is designed to be as stable as the U.S. dollar.

A Partnership with DBS Bank

Paxos partnered with DBS Bank , a major bank in Singapore, to manage the U.S. dollar reserves for USDG. This partnership is important because it helps USDG follow the rules set by MAS. MAS is Singapore’s Monetary Authority of Singapore. By working together, Paxos and DBS Bank are making sure that USDG is safe and reliable for people who want to use it.

(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

Paxos announced the launch of USDG on October 31st. Just five months after introducing another stablecoin called the Lift Dollar (USDL) in the United Arab Emirates. With USDG, they aim to provide a stable option for those living and working in Singapore.

Stablecoins have become a key part of crypto.

But as users demand more than a simple peg, new options like @Paxos ’ USDL are setting a higher bar with RWA backing, regular audits, & built-in yield for holders.

Here’s how USDL measures up against the stablecoin giant, USDT. 🧵👇 pic.twitter.com/Kvz9Pld9vP

— Coinshift (@0xCoinshift) October 31, 2024

Why Is This Important?

In today’s fast-paced world, having a reliable form of digital money is becoming increasingly important. With USDG, users in Singapore can make transactions, send money to friends. Also, pay for goods and services without worrying about fluctuating prices. This stablecoin is designed to make financial activities smoother and more efficient.

As Paxos continues launching other stablecoins, we can expect to see more partnerships and products that make cryptocurrency easier to use.

Disclaimer

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