Paxos Receives In Principle Approval from MAS for New Entity that Will Issue USD-Backed Stablecoin in Singapore

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Nov 15, 2023, 21:15 ET

First expansion into Asia of a US dollar stablecoin platform, substantively compliant with MAS' upcoming stablecoin framework

SINGAPORE, Nov. 15, 2023 /PRNewswire/ -- Paxos, the leading regulated blockchain & tokenization infrastructure platform, secured in principle approval (IPA) from the Monetary Authority of Singapore (MAS) for its new Singapore entity, Paxos Digital Singapore Pte. Ltd. to offer digital payment token services. Paxos Digital Singapore will issue a new US dollar stablecoin that MAS has acknowledged to be substantively compliant with MAS' proposed stablecoin regulatory framework, in advance of the legislative framework coming into force. Upon receiving full approval, Paxos will be able to partner with enterprise clients to issue the USD-backed stablecoin in Singapore.

Paxos is at the forefront of ushering in a new era of stablecoin utility and mainstream adoption. The company's commitment to transparency, accountability, and integrity is exemplified by its commitment to regulatory compliance and proactively seeking oversight. Stablecoins issued in accordance with standards set by global prudential regulators represent a significant step towards democratizing access to commerce and financial services. Paxos is committed to integrity and transparency in its operations and the company will only issue tokens that are subject to oversight by prudential regulators.

Paxos consistently pursues growth in global markets within regulated frameworks and engages with regulators to help inform digital asset rules. The company maintains the rigorous AML and KYC standards established by leading financial markets like the US and Singapore. This milestone solidifies Paxos' position as the most comprehensively regulated blockchain platform in the world, meeting the highest operating standards in both New York and Singapore. In 2022, Paxos became the first US-based blockchain infrastructure platform to obtain a license from the MAS to offer digital payment token services under the Payment Services Act 2019.

Walter Hessert, Paxos Head of Strategy, commented, "Global demand for the US dollar has never been stronger, yet it remains difficult for consumers outside the US to get dollars safely, reliably and under regulatory protections. This in-principle approval from the MAS will allow Paxos to bring its regulated platform to more users around the world. Because Paxos upholds the highest standards of compliance and oversight, global enterprises partner with us to power stablecoin solutions that drive their businesses and respond to their customers' needs."

By leveraging blockchain technology, Paxos aims to open the financial system to everyone, introducing significant opportunities to global markets and billions of users. As Paxos continues to lead the way in digital asset innovation, the company remains committed to its mission of building a more inclusive and accessible financial future.

All Paxos stablecoins are fully backed 1:1 by the US Dollar and cash equivalents, ensuring that they are stable, safe, and reliable. Similar to its other tokens, Paxos will issue monthly attestations and reserve reports so that all holders know exactly what they own. Please visit https://paxos.com/regulation-and-transparency/ to learn more.

About Paxos

Paxos is the leading regulated blockchain infrastructure and tokenization platform. Its products are the foundation for a new, open financial system that can operate faster and more efficiently. Today, trillions of dollars are locked in inefficient, outdated financial plumbing that is inaccessible to millions of people. Paxos is replatforming the financial system to enable assets to instantaneously move anywhere in the world, at any time, in a trustworthy way.

Paxos partners with leading global enterprises to tokenize, custody, trade and settle assets. Its blockchain solutions are used by institutions like PayPal, Interactive Brokers, Mastercard, Mercado Libre, Nubank, Bank of America and Societe Generale. It is the issuer of numerous regulated digital assets including PayPal USD (PYUSD), Pax Dollar (USDP) and Pax Gold (PAXG). Prudentially regulated by the NYDFS in the US and the MAS in Singapore, Paxos is a top-funded fintech company with more than $540 million raised from leading investors including Oak HC/FT, Declaration Partners, Founders Fund, Mithril Capital and PayPal Ventures. With offices in New York, London and Singapore, Paxos takes a global approach to modernizing the financial system.

Contact: [email protected]

SOURCE Paxos