Recently, Paxos has established a subsidiary company, Paxos Digital Singapore Pte, in Singapore with the aim of issuing a new stablecoin supported by the USD.
Currently, Paxos has received approval from the Monetary Authority of Singapore (MAS), and the new stablecoin also complies with the recently completed legal framework for stablecoins in the lion city.
However, there isn’t much information available about this new stablecoin at the moment. The company has only announced the launch of a new stablecoin with a new brand in Singapore.
It’s worth noting that earlier this year, Paxos officially terminated its relationship with Binance, ceasing further issuance of the BUSD stablecoin due to legal issues in the United States. Another stablecoin issued by Paxos, USDP, was also depegged at the same time.
However, the stablecoin landscape still holds promise as the cryptocurrency market continues to grow rapidly. Several new players are emerging, making the market hotter than ever. For example, PayPal recently introduced a new stablecoin supported by USD, PYUSD, in August 2023.
Paxos is a cryptocurrency company that has received support from various prominent investors, including Bank of America, Peter Thiel’s foundation, and Coinbase Ventures. Since its inception, Paxos has successfully raised $540 million, with a valuation of $2.4 billion in its latest Series D funding round in 2021.
With the launch of this new stablecoin, Paxos reaffirms its ambition to capture a share of the stablecoin market.