Paxos Expands in Asia with Singapore Stablecoin Approval
Paxos Gains In-Principle Approval in Singapore
Cryptocurrency brokerage Paxos has secured initial approval from the Monetary Authority of Singapore (MAS) to issue a U.S. dollar-backed stablecoin. This approval under the Payments Services Act (PSA) enables Paxos to offer digital payment token services while it awaits full authorization. This development marks a significant milestone in Paxos' strategic expansion across Asia.
Addressing Global Demand for Stablecoins
The growing global demand for U.S. dollars, particularly among non-U.S. consumers, has been a key focus for Paxos. The company's new stablecoin offering aims to meet this demand by providing a secure and reliable digital currency option. Paxos is committed to transparency, promising monthly attestation and reserve reports for its stablecoins.
Projected Stablecoin Market Growth
The stablecoin market is expected to experience significant growth, with projections indicating an increase from $125 billion to $2.8 trillion in the next five years. Paxos is positioning itself to capitalize on this expansion by collaborating with enterprise clients to launch its USD stablecoin in Singapore, contingent upon full regulatory approval.
Strategic Expansion and Regulatory Compliance
Paxos' expansion into Singapore is part of its broader strategy to increase its international presence. The company previously launched the PYUSD stablecoin for PayPal and was involved in minting Binance's BUSD until regulatory issues arose. The recent PSA approval builds on Paxos' existing operations in Singapore, where it has been providing tokenization, custody, and trade services.
Aligning with MAS Regulations
Paxos' efforts align with MAS' final rules for stablecoins, which target non-bank tokens linked to G10 currencies with significant circulation. As the company awaits full approval, its strategic initiatives highlight a strong commitment to establishing a substantial foothold in Singapore's rapidly evolving digital currency market.
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