Paxos Gets DBS Bank Backing for Stablecoin Launch in Singapore
- DBS Group Holdings Ltd. partners with Paxos to offer Singapore’s stablecoin custody and cash management services.
- Paxos recently received a license from the Monetary Authority of Singapore to issue stablecoins.
- Stablecoins are pegged 1-1 to major currencies and are primarily used for crypto trading and lending.
DBS Group Holdings Ltd., Singapore’s largest bank, is deepening its foray into the digital asset sector by offering custody services for stablecoin reserves in partnership with Paxos Trust Co. This move marks a significant step for both DBS and the broader adoption of stablecoins in the regulated financial landscape.
According to the Bloomberg report, this partnership signals DBS’s greater interest in the digital asset space following Paxos’ recent receipt of a license from the Monetary Authority of Singapore. Evy Theunis, head of digital assets at DBS’s institutional banking group, highlighted the bank’s commitment to regulatory compliance in this endeavor.
Singapore aims to leverage blockchain technology to strengthen its position as a global financial hub. Proponents argue that stablecoins can streamline payments, making them more accessible, fas…
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