Paxos has received a license to launch stablecoins in Singapore

To qualify for the license, companies must meet several criteria, including having a base capital of S$250,000 (about $184,100) and a permanent place of business or office in Singapore.

"Stablecoins issued under MAS's strict regulatory standards will help democratize access to trade and financial services," commented Paxos Chief Strategy Officer Walter Hessert.

Paxos also announced a partnership with Singapore's DBS Bank, which will manage cash and hold reserves for stablecoins. Evy Theunis, head of digital assets at DBS Bank, announced that this partnership expands DBS Bank's involvement in the cryptocurrency ecosystem, where the bank has been present for several years.

In June, Paxos laid off 20% of its staff and focused on asset tokenization and stablecoins. Last year, Paxos shared plans to soon launch a new steiblecoin tied to the US dollar exchange rate.