Share this article
Paxos Gains Singapore Approval for Stablecoin Issuance With DBS Providing Custody
The Monetary Authority of Singapore released its stablecoin framework last year.
Updated Jul 2, 2024, 9:42 a.m. Published Jul 2, 2024, 9:39 a.m.
- Digital asset company Paxos received Monetary Authority of Singapore approval to offer digital payment token services, enabling it to issue stablecoins.
- DBS will be the company's banking partner for cash management and the custody of its stablecoin reserves.
Digital asset company Paxos said it received full approval from the Monetary Authority of Singapore to offer digital payment token services in the country, the company's third jurisdiction.
In a Monday statement, the issuer, whose products include as well as its own , also said DBS, the state's biggest bank, will be its primary banking partner for cash management and the custody of its stablecoin reserves.
STORY CONTINUES BELOW
Last year, Singapore released a stablecoin framework requiring issuers to meet certain stability and redemption requirements. The New York-based company is also authorized in New York and the United Arab Emirates.
See also: Asian Banking Giant DBS Is Patiently Wading Into Crypto
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Argentina’s Central Bank to Allow Banks to Provide Crypto Services in 2026
Argentina’s central bank is reportedly drafting new rules to allow banks to offer customers digital asset-related services as early as April 2026.
What to know:
- The Central Bank of Argentina is considering lifting the ban on banks offering cryptocurrency services, potentially implementing new rules by April 2026.
- Argentina's shift towards a crypto-friendly policy follows the election of Javier Milei and aims to boost adoption amid economic challenges.
- Argentina is a leading country in cryptocurrency adoption, with a significant portion of transactions involving stablecoins to hedge against inflation.
Top Stories
