Paxos, a blockchain and tokenization infrastructure firm, has been granted authorization as a Major Payments Institution in Singapore. This accreditation allows Paxos Digital Singapore to legally issue stablecoins, aligning with MAS’s upcoming standards for stablecoin frameworks. The company stated that the milestone highlights Singapore’s role alongside the United States and United Arab Emirates, where Paxos operates under similar regulatory approvals.

According to the announcement, DBS Bank, the largest bank in Southeast Asia, has been appointed as the main banking partner for Paxos. DBS Bank will oversee cash management and custody of stablecoin reserves. “We are pleased to support Paxos’ new chapter in Singapore,” said Evy Theunis, the head of digital assets at DBS Bank. “We firmly believe that trust and security are key to wider stablecoin adoption.”

This development follows Paxos International’s introduction of its new yield-bearing stablecoin, lift dollar (USDL). Paxos also issues Paypal’s stablecoin PYUSD, its own Ethereum-based stablecoin paxos dollar (USDP), and the gold-backed token PAXG. Previously, Paxos issued binance dollar (BUSD), but it has ceased minting new BUSD. Additionally, in mid-June, it was reported that Paxos laid off 65 employees.

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