Paxos, a blockchain platform, has received in-principle approval from the Monetary Authority of Singapore (MAS) to launch a US dollar stablecoin in Singapore. This move marks the expansion of Paxos Digital Singapore into the Asian market and aligns with MAS’ forthcoming stablecoin framework. The approval comes after the release of several tokenization pilots in the region to enhance partnerships with global fintech providers. With full approval, Paxos Digital Singapore will issue a novel US dollar stablecoin that complies with MAS’ proposed regulatory framework. Paxos aims to democratize financial services and commerce access while adhering to global prudential standards. The company emphasizes transparency and integrity, ensuring tokens are issued under rigorous regulatory oversight. Paxos’ mission is to establish itself as a globally regulated blockchain platform, following AML and KYC standards. All Paxos stablecoins are backed 1:1 by the US Dollar and cash equivalents, with monthly attestations and reserve reports to reinforce trust and accountability.

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Information	Details
Geography	Asia
Countries	🇸🇬
Sentiment	positive
Relevance Score	1
People	Walter Hessert
Companies	Paxos, Monetary Authority of Singapore (MAS), Payment Services Act 2019, US-based blockchain infrastructure platform, Paxos Digital Singapore
Currencies	US Dollar
Securities	None