Paxos: Cooperating with DBS Bank to develop stablecoins! Fully approved by the Monetary Authority of Singapore

1. Paxos receives approval from Singapore’s MAS to issue stablecoin

Paxos Digital Singapore Pte. Ltd., the Singaporean entity of stablecoin issuer Paxos, announced that it has received full approval from the Monetary Authority of Singapore (MAS), allowing it to issue stablecoins under MAS. The launched stablecoin framework issues stablecoins.

2. DBS Bank Becomes Principal Partner

Paxos has chosen to partner with DBS Bank (DBS), Southeast Asia’s largest bank by assets, for its cash management and stablecoin reserve custody needs.

3. Paxos lays off 20% of employees

Paxos co-founder and CEO Charles Cascarilla laid off 65 employees, accounting for about 20% of the company’s total workforce. Cascarilla said the move is aimed at seizing the huge opportunities in tokenization and stablecoins.

4. Paxos will focus on tokenization and stablecoins

Paxos will lower the priority of non-core business and focus more on asset tokenization and stablecoins. The company plans to phase out settlement services for commodities and securities.

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