The largest bank in Singapore is teaming up with a major stablecoin issuer to launch a new crypto custody service.

A recent Bloomberg report reveals that DBS Group Holdings is collaborating with stablecoin issuer Paxos Trust Co. to introduce this new service. According to a Paxos press release, the company has received approval from the Monetary Authority of Singapore (MAS) to provide a digital token payment service in conjunction with DBS.

Paxos highlights that Singapore is the third market where the company has obtained stablecoin-issuing approval, following the United Arab Emirates and the United States. Walter Hessert, Paxos’ head of strategy, comments on the partnership, saying, “Stablecoins issued in accordance with standards set by a regulator like MAS – known for its rigorous regulatory standards – represent a significant step towards democratizing access to commerce and financial services. Receiving approval from MAS is an important step for Paxos and our global enterprise partners to safely offer access to US dollars to more users around the world.”

Evy Theunis, head of digital assets at DBS Bank, expresses enthusiasm about the partnership, stating, “We are pleased to support Paxos’ new chapter in Singapore. We firmly believe that trust and security are key to wider stablecoin adoption. Having examined all relevant aspects that come with managing reserve assets, stablecoin issuers will find that our solutions will help them meet the robust standards regulators and customers expect from them. This partnership further expands DBS’ wide-ranging involvement across the digital asset ecosystem, of which we have been a pioneer and innovator for several years now.”

Stay Updated –
Subscribe to receive email alerts directly in your inbox
Track
Price Action
Follow us on
X,
Facebook, and
Telegram
Explore
The Daily Hodl Mix

Disclaimer: The opinions expressed in The Daily Hodl are not investment advice. Investors should perform their own research before making any high-risk investments in Bitcoin, cryptocurrency, or digital assets. Please be aware that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend buying or selling any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Additionally, The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney