FinTech company Paxos is launching USDG, a dollar-backed stablecoin. Its issuance will take place in the jurisdiction of Singapore in accordance with local laws.
Paxos Digital Singapore, Singapore’s arm of Paxos Trust Company, is issuing a global dollar stablecoin (USDG) that will be pegged to the U.S. dollar. The project partner is DBS Bank, the largest bank in Southeast Asia, whose accounts will hold the currency collateral for the asset.
In addition to dollars, USDG reserves will be held in short-term U.S. government securities and similar high-quality liquid financial assets. USDG holders will be able to redeem their tokens for fiat at any time. Distribution will be handled by Paxos Global, another division of Paxos registered in Singapore. USDG will be regulated by the Monetary Authority of Singapore (MAS).
The asset will initially be launched on the Ethereum blockchain, but there are plans to launch it on other major networks in the future.
Ronak Daya, Head of Product at Paxos, said in a press release that USDG, due to its robustness, will catalyze the development of stablecoin innovation and drive global adoption by corporate institutions.
Max Krupyshev, CEO of CryptoProcessing.com, noted during the Purpose Driven FinTech podcast that financial technology innovators today simply need to understand smart contracts and blockchain if they want to create innovative business solutions.
Paxos, one of the leaders in regulated blockchain infrastructure and tokenization, announced an enterprise solution for stablecoin payments in mid-October. In addition, Paxos earlier this year announced Lift Dollar (USDL), a regulated yield-bearing stablecoin. Paxos’ other digital asset offerings include Pax Dollar (USDP) and Pax Gold (PAXG). The company is also the issuer of the PayPal USD (PYUSD) stablecoin and previously issued and backed Binance USD (BUSD).
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