{"id":87119,"date":"2023-11-16T12:35:28","date_gmt":"2023-11-16T10:35:28","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=87119"},"modified":"2025-09-13T09:45:40","modified_gmt":"2025-09-13T06:45:40","slug":"paxos-to-launch-new-u-s-dollar-backed-stablecoin","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/paxos-to-launch-new-u-s-dollar-backed-stablecoin\/","title":{"rendered":"Paxos to launch new U.S. dollar-backed stablecoin"},"content":{"rendered":"

The infrastructure blockchain company Paxos has obtained<\/a> in-principle approval from MAS<\/span> to issue a new stablecoin pegged to the U.S. dollar.<\/p>\n

According to the statement, the asset is fully backed by U.S. dollars and cash equivalents. The firm has committed to undergoing monthly audits and providing reserve reports.<\/p>\n

MAS deemed the stablecoin<\/a> compliant with the regulator’s proposed framework even before its key provisions took effect, the press release states.<\/p>\n

\n

“Global demand for the U.S. dollar has never been stronger, yet consumers outside the United States still find it difficult to obtain currency in a safe and regulated manner,” said Walter Hesser, head of strategy at Paxos.<\/p>\n<\/blockquote>\n

The company also adheres to strict AML and KYC standards set by the Singapore authorities.<\/p>\n

In 2022, Paxos became the first American blockchain platform, to obtain a MAS license<\/a> to provide digital payment tokens.<\/p>\n

On February 10, 2023, the New York State Department of Financial Services initiated an investigation<\/a> into the company. Later, the regulator ordered Paxos to halt the issuance of BUSD.<\/p>\n

In August, the infrastructure company launched<\/a> PayPal’s stablecoin PYUSD on the Ethereum blockchain. The asset has sparked a mixed reaction<\/a> among crypto-community participants. Some argued that the coin would accelerate mainstream adoption of digital assets, while others pointed to centralisation risks.<\/p>\n","protected":false},"excerpt":{"rendered":"

The infrastructure blockchain company Paxos has received in-principle approval from MAS to issue a new U.S. dollar-backed stablecoin.<\/p>\n","protected":false},"author":1,"featured_media":87120,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1504,807],"class_list":["post-87119","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-paxos","tag-stablecoins"],"aioseo_notices":[],"amp_enabled":true,"views":"19","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/87119","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=87119"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/87119\/revisions"}],"predecessor-version":[{"id":87121,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/87119\/revisions\/87121"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/87120"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=87119"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=87119"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=87119"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}