TechFlow news — On November 1, according to Cointelegraph, blockchain infrastructure firm Paxos announced the launch of Global Dollar (USDG), a Singapore-compliant stablecoin with its U.S. dollar reserves managed by DBS Bank. This marks Paxos' second localized stablecoin offering, following the launch five months ago of Lift Dollar (USDL), an interest-bearing stablecoin regulated in the UAE.
Approved by the Monetary Authority of Singapore (MAS) in July this year, USDG fully complies with MAS’s stablecoin regulatory framework established in August 2023. The stablecoin currently operates on the Ethereum blockchain and will expand to other public blockchains as regulations evolve. USDG is backed 1:1 by U.S. dollar reserves, held in the form of U.S. dollar deposits, short-term U.S. government bonds, and other cash equivalents.
