Stablecoin Issuer Paxos Is Awarded Full Approval in Singapore, DBS to Provide Banking Services, Custody

In a Monday statement, the issuer, whose products include PayPal USD (PYUSD) as well as its own Pax Dollar (USDP), also said DBS, the state’s biggest bank, will be its primary banking partner for cash management and the custody of its stablecoin reserves.