CandleFocus Paxos and DBS Bank Launch USDG, a US Dollar-Backed Stablecoin
2024-11-01
Author: Content Editor
Paxos, a regulated blockchain infrastructure platform, has launched Global Dollar (USDG), a stablecoin backed by the US dollar. USDG aligns with the upcoming stablecoin structure of the Monetary Authority of Singapore (MAS). The stablecoin will be distributed to individuals and institutions via partnerships with global exchanges, wallets, and platforms. USDG is currently available on Ethereum, with plans to expand to other blockchains in the future. Paxos ensures a 1:1 parity with the US dollar by holding high-quality liquid assets to back USDG. DBS Bank, the largest bank in Southeast Asia, will serve as Paxos' primary banking partner for custody and cash management of USDG reserves.
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