Digital asset company Paxos received full approval from the Monetary Authority of Singapore to offer digital payment token services in the country enabling it to issue stablecoins. The issuer, whose products include PayPal USD 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 stablecoin reserve custody. Last year, Singapore released a stablecoin framework that required issuers to meet certain stability and redemption requirements.

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