PANews reported on November 1 that according to Cointelegraph, Paxos announced the launch of its second localized stablecoin product USDG in Singapore, a stablecoin that complies with Singapore regulations, and its US dollar reserves are managed and reserved by DBS Bank. USDG complies with the upcoming stablecoin framework formulated by MAS in August 2023. Therefore, USDG is currently available on the Ethereum blockchain and will be launched on other blockchains as regulations evolve.

The move comes just five months after it launched the UAE-regulated interest-paying stablecoin Lift Dollar (USDL). Paxos’ Singapore branch, Paxos Digital Singapore, received approval for USDG from the Monetary Authority of Singapore (MAS) in July.