⚡ Paxos Launches New Stablecoin USDG
posted 1 Nov 2024
On October 31, Paxos, a prominent blockchain and tokenization infrastructure provider, launched its new stablecoin, the Global Dollar (USDG), pegged to the U.S. dollar. USDG has been developed under the strict guidelines of the Monetary Authority of Singapore (MAS).
This regulation requires crypto companies and asset issuers operating in Singapore to be licensed, ensuring both investor protection and anti-money laundering compliance.
Related: Crypto Regulations in Singapore
Paxos Digital Singapore Pte. Ltd., a subsidiary of Paxos, is the issuer of USDG, and thus complies with MAS regulations, meeting transparency and reserve standards.
Ronak Daya, Head of Product at Paxos, assures that USDG fully meets all regulatory requirements.
Key Features of USDG
- Fully Backed by U.S. Dollars: Each USDG token is backed by an equivalent amount of U.S. dollars and highly liquid assets, such as short-term U.S. government securities, ensuring a stable peg and easy fiat conversion at any time.
- Regulated Issuer: With extensive experience in blockchain and digital assets, Paxos brings reliability and security to USDG.
- Broad Utility: USDG is currently available on the Ethereum blockchain and will soon be supported on other networks, allowing for use in a variety of decentralized applications (dApps).
- Compliance with International Standards: USDG is designed to meet European stablecoin requirements (MiCA), making it attractive to institutional investors and regulated entities in the EU.
About Paxos
Paxos is a global leader known for its innovative solutions for financial and tech companies, with a strong reputation for creating reliable and regulated products for the digital economy.
In addition, Paxos is partnering with World Liberty Financial, a project led by the Trump sons, to launch a new stablecoin initiative.
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