Paxos Receives In Principle Approval from MAS for New Entity that Will Issue USD-Backed Stablecoin in Singapore

First expansion into Asia of a US dollar stablecoin platform, substantively compliant with MAS’ upcoming stablecoin frameworkSINGAPORE – November 15, 2023 – Paxos, the leading regulated blockchain & tokenization infrastructure platform, secured in principle approval (IPA) from the Monetary Authority of Singapore (MAS) for its new Singapore entity, Paxos Digital Singapore Pte. Paxos Digital Singapore will issue a new US dollar stablecoin that MAS has acknowledged to be substantively compliant with MAS’ proposed stablecoin regulatory framework, in advance of the legislative framework coming into force. Upon receiving full approval, Paxos will be able to partner with enterprise clients to issue the USD-backed stablecoin in Singapore. This in-principle approval from the MAS will allow Paxos to bring its regulated platform to more users around the world. It is the issuer of numerous regulated digital assets including PayPal USD (PYUSD), Pax Dollar (USDP) and Pax Gold (PAXG).