Singapore’s largest bank, DBS Group, will provide custodial services for Paxos as the stablecoin issuer secured full approval from the Monetary Authority of Singapore (MAS). This partnership marks DBS Group’s significant entry into the crypto sector, supporting Paxos Digital Singapore.
Paxos received MAS approval which allows the New York-based firm to offer crypto services in Singapore. This is Paxos’ third market after the U.S. and UAE. The collaboration is part of DBS Bank’s strategy to broaden its digital asset ecosystem, emphasizing trust and security for stablecoin adoption.
Founded in 2012, Paxos has raised nearly $540 million from investors like Oak HC/FT and Mithril Capital. Despite reducing its workforce by 20%, Paxos CEO Charles Cascarilla asserts the firm is in a strong financial position to capitalize on opportunities in tokenization and stablecoins.
This partnership underscores the strategic importance of expanding regulated blockchain infrastructure in the global financial industry.
