Paxos launched the USDG regulated stablecoin and called it the "global dollar"

In July of last year, the blockchain company Paxos Global received approval from the Monetary Authority of Singapore (MAS) to issue a stablecoin in partnership with the country’s largest bank, DBS. On October 31, Paxos confirmed the launch of the localized Singapore stablecoin Global Dollar (USDG) on the Ethereum blockchain, designed to support regulated institutions, with reserves held and managed by the local bank DBS. This is the second localized stablecoin from Paxos, following the launch of Lift Dollar (USDL), which is backed by the United Arab Emirates (UAE).

Paxos noted a strong interest in stablecoins among large enterprises; however, there is still a lack of solutions that blend regulatory compliance with economic benefits. USDG aims to provide a reliable solution with a high level of security, thanks to its partnership with DBS, which manages cash deposits and asset storage.

USDG is fully backed by US dollar deposits, short-term U.S. government bonds, and other cash equivalents, allowing holders to easily exchange stablecoins for fiat currency. In Singapore, USDG assets are held in trust accounts for additional client protection. A KYC process is required for withdrawing USDG, and the minimum exchange amount is equivalent to the fee for a bank transfer.

Recently, it’s worth noting that the Solana platform introduced sUSD (Solayer USD) — the first synthetic RWA-stablecoin backed by U.S. treasury bonds, offering an annual yield of 4-5%.

Source: Paxos