DBS and Paxos Team Up for Crypto Custody Service

Singapore’s DBS Bank, the largest bank in the country, is partnering with stablecoin issuer Paxos to launch a new crypto custody service.

Paxos’ Singapore Approval

Paxos has received approval from the Monetary Authority of Singapore (MAS) to offer a digital token payment service in partnership with DBS. This makes Singapore the third market where Paxos has secured approval to issue stablecoins, after the United Arab Emirates and the US.

Walter Hessert, Paxos Head of Strategy:

“Stablecoins issued under MAS’s rigorous regulatory standards represent a significant step towards democratizing access to commerce and financial services. This approval is crucial for Paxos and our partners to provide safe access to US dollars worldwide.”

Evy Theunis, DBS Head of Digital Assets:

“We support Paxos’ expansion in Singapore. Trust and security are essential for wider stablecoin adoption. Our solutions will help issuers meet regulatory and customer expectations.”

DBS’s Digital Asset Involvement

This partnership expands DBS’s involvement in the digital asset ecosystem, where it has been a pioneer for several years.