TechFlow News — On December 12, Standard Chartered announced it will provide cash management, trading, and custody services for Paxos stablecoins issued outside the United States. Paxos has issued the Lift Dollar (USDL) in Abu Dhabi (market cap: $54 million) and the Global Dollar (USDG) in Singapore (market cap: $29 million). It also operates onshore stablecoins such as PYUSD, which are not covered by this arrangement. The vast majority of reserve assets consist of short-term U.S. Treasury securities.
Previously, when Paxos launched its Global Dollar, DBS Bank was announced as the provider of custody and cash management services.
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