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Blockchain infrastructure company Paxos has launched a new US dollar-backed stablecoin called Global Dollar (USDG) through its Singapore-based entity, marking its sixth digital asset launch and first from its Singapore operations.
The stablecoin, issued by Paxos Digital Singapore Pte. Ltd., is designed to comply with the Monetary Authority of Singapore's (MAS) forthcoming stablecoin regulatory framework. DBS Bank, rated as Asia's safest bank for 16 consecutive years by Global Finance, will serve as the primary banking partner for cash management and custody of USDG reserves.
USDG will initially operate on the Ethereum blockchain, with plans to expand to additional blockchain networks. The company states that the stablecoin will be backed exclusively by high-quality liquid assets, including US dollar deposits and short-duration US Government securities.
Ronak Daya, Head of Product at Paxos, said: "Enterprise interest in stablecoins has never been higher than it is today, but the market lacks a solution that combines regulatory compliance with real economic incentives for enterprises. Keeping with the Paxos tradition of powering infrastructure for the world's most important and innovative enterprises, we are thrilled to launch the Global Dollar (USDG). USDG offers a trusted solution with a top-tier banking partner in DBS that will be the catalyst to drive stablecoin innovation and enterprise adoption at a global scale."
Paxos already issues several regulated digital assets, including PayPal USD (PYUSD) and Pax Dollar (USDP) through its New York-regulated trust company, and the yield-bearing Lift Dollar (USDL) through its UAE-based affiliate.
Paxos, which has raised over $540 million from investors including Oak HC/FT and PayPal Ventures, operates under regulatory oversight in multiple jurisdictions, including the New York Department of Financial Services (NYDFS), the MAS in Singapore, and the Financial Services Regulatory Authority (FSRA) in Abu Dhabi.
The company has stated that USDG's smart contract code is publicly viewable on Etherscan and GitHub, promoting transparency in its technical implementation.
