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Paxos Receives Approval from Monetary Authority of Singapore to Offer Digital Payment Token Services

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Paxos has received full approval from the Monetary Authority of Singapore (MAS) for its entity, Paxos Digital Singapore Pte. Ltd., to offer digital payment token services as a Major Payments Institution. This approval allows Paxos to issue stablecoins under MAS’ upcoming stablecoin framework.

With this approval, Singapore joins the United States and United Arab Emirates as markets where Paxos and its related entities are authorized to issue stablecoins. This expansion demonstrates its commitment to providing regulated, secure stablecoins globally, showcasing how stablecoin issuance and operation under regulatory oversight can protect consumers.

Walter Hessert, Head of Strategy at Paxos, stated, “Stablecoins issued under the standards set by a regulator like MAS represent a significant step towards democratizing access to commerce and financial services. Receiving approval from MAS is an important step for Paxos and our global partners to offer safe access to US dollars to more users worldwide.”

Paxos has selected DBS Bank as its primary banking partner for cash management and the custody of stablecoin reserves. DBS Bank, Southeast Asia’s largest bank by assets, is recognized for its banking innovation and safety. This partnership is expected to support Paxos in building and launching secure and regulated financial solutions.

Evy Theunis, Head of Digital Assets at DBS Bank, commented, “We are pleased to support Paxos’ new chapter in Singapore. Trust and security are key to wider stablecoin adoption. Our solutions help stablecoin issuers meet the standards expected by regulators and customers. This partnership further expands DBS’ involvement in the digital asset ecosystem.”

Receiving approval from MAS reinforces Paxos’s commitment to regulatory compliance as it expands its products and services to global markets. This milestone highlights Paxos’ position as a comprehensively regulated blockchain platform, meeting operating standards in New York, the United Arab Emirates, and Singapore.

About Paxos

Paxos is a regulated blockchain infrastructure and tokenization platform. Its products aim to create a more efficient financial system. Paxos partners with global enterprises to tokenize, custody, and trade assets. It is the issuer of regulated digital assets including PayPal USD (PYUSD), Pax Dollar (USDP), and Pax Gold (PAXG). Paxos is regulated by the NYDFS in the US, MAS in Singapore, and FSRA in Abu Dhabi. Paxos has raised over $540 million from investors including Oak HC/FT, Declaration Partners, Founders Fund, Mithril Capital, and PayPal Ventures.

About DBS

DBS is a financial services group in Asia with a presence in 19 markets. Headquartered in Singapore, DBS is active in Greater China, Southeast Asia, and South Asia. The bank’s credit ratings are among the highest globally. DBS has been named “World’s Best Bank” by Global Finance, Euromoney, and The Banker, and “World’s Best Digital Bank” by Euromoney. DBS provides services in consumer, SME, and corporate banking and supports impact-driven enterprises through the DBS Foundation.

Image by MF Evelyn from Unsplash

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