Paxos approved by MAS for DPTservices; names DBS as primary banking partner

The approval marks Singapore as the third market where Paxos and its related entities are authorised to issue stablecoin.

Leading digital asset platform Paxos has received full approval from the Monetary Authority of Singapore (MAS) for its Singapore entity, Paxos Digital Singapore to offer digital payment token services as a Major Payments Institution. 

The approval enables Paxos to issue stablecoins within the country, in line with the central bank’s upcoming stablecoin framework.

The approval from MAS also marks Singapore as the third market where Paxos and its related entities are authorised to issue stablecoins. Coupled with its presence in the US and the UAE, Paxos is set for worldwide expansion

“Receiving approval from MAS is an important step for Paxos and our global enterprise partners to safely offer access to US dollars to more users around the world.” says Walter Hessert, head of strategy at Paxos. 

Paxos has also announced its selection of DBS Bank as its primary banking partner for cash management and the custody of stablecoin reserves.

This is on the back of the bank’s reputation as the safest bank in Asia for 15 consecutive years by Global Finance.

“Having examined all relevant aspects that come with managing reserve assets, stablecoin issuers will find that our solutions will help them meet the robust standards regulators and customers expect from them,” says Evy Theunis, head of digital assets at the Institutional Banking Group at DBS Bank. 

Launched in 2012, Paxos is headquartered in New York and is the issuer of numerous regulated digital assets including PayPal USD, Pax Dollar (USDP) as well as Pax Gold (PAXG).