Crypto company Paxos is expanding its presence by forming a new entity, Paxos Digital Singapore Pte. Ltd., to launch a USD-backed stablecoin in Singapore.
The Monetary Authority of Singapore has granted in-principle approval for this initiative. Paxos plans to comply with Singapore’s stablecoin regulatory framework and issue a stablecoin in line with the regulatory amendments.
Paxos is one of the two companies, alongside StraitsX, to receive approval from MAS for this venture. The move allows Paxos to extend its stablecoin offerings globally, building on its success with USDP in the United States.
The new Singapore entity aims to ensure regulatory compliance and foster partnerships for stablecoin issuance in the region, similar to its collaboration with PayPal in the U.S.
Despite not having specific details, the stablecoin will be USD-backed and issued by the newly established Singapore entity, reflecting Paxos’s commitment to international expansion and regulatory adherence.
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