Blockchain and digital asset solutions provider Paxos has launched a new US dollar-backed stablecoin called Global Dollar (USDG).
The stablecoin issuer is paxos digital singaporeIt is regulated by the Monetary Authority of Singapore (MAS) and is designed to meet the regulator’s upcoming regulations. stablecoin framework.
Our affiliated company, Paxos Global, partners with global exchanges and platforms to distribute USDG to both individuals and institutions.
The company emphasizes USDG’s safety and regulatory compliance, backed by high-quality liquid assets such as USD deposits, Treasury bills, and cash equivalents.
This backing ensures that USDG maintains 1:1 parity with the US dollar and can be redeemed at any time.
Paxos is regulated by MAS, the New York Department of Financial Services (NYDFS), and the Abu Dhabi Global Market Financial Services Regulatory Authority (FSRA).
The company has partnered with DBS Bank Manage USDG cash reserves and storage.
USDG is the sixth digital asset issued by Paxos, along with other services such as PayPal USD (PYUSD), Pax Dollar (USDP), Pax Gold (PAXG), and Lift Dollar (USDL) issued by affiliate Paxos International will join.
Paxos customers include PayPal, Interactive Brokers, Mastercard, Mercado Libre, and Nubank.
USDG smart contracts can be found at: ether scan and GitHub.
Ronak Daya, head of product at Paxos, said:
“Corporate interest in stablecoins has never been higher than it is today, but the market lacks a solution that combines regulatory compliance with real economic incentives for companies.
Continuing Paxos’ tradition of powering the infrastructure of the world’s most important and innovative companies, we are excited to launch Global Dollar (USDG). USDG has DBS’ top-tier banking partners and trusted solutions that will be a catalyst for stablecoin innovation and enterprise adoption on a global scale. ”
Featured image credit: Edited from freepic
