The largest bank in Singapore is partnering with a major stablecoin issuer to offer a new crypto custody service.
According to a new Bloomberg report, DBS Group Holdings is offering a new crypto custody service in partnership with stablecoin-issuer Paxos Trust Co.
According to a Paxos press release, the stablecoin issuer has secured approval from the Monetary Authority of Singapore (MAS) to offer a digital token payment service in partnership with DBS.
Paxos says Singapore is the third market the company has secured stablecoin-issuing approval in, behind the United Arab Emirates and the US.
Says Paxos head of strategy Walter Hessert of the partnership,
“Stablecoins issued in accordance with standards set by a regulator like MAS – known for its rigorous regulatory standards – represent a significant step towards democratizing access to commerce and financial services. Receiving approval from MAS is an important step for Paxos and our global enterprise partners to safely offer access to US dollars to more users around the world.”
Says Evy Theunis, head of digital assets, institutional banking group at DBS Bank of the new partnership,
“We are pleased to support Paxos’ new chapter in Singapore. We firmly believe that trust and security are key to wider stablecoin adoption. Having examined all relevant aspects that come with managing reserve assets, stablecoin issuers will find that our solutions will help them meet the robust standards regulators and customers expect from them. This partnership further expands DBS’ wide-ranging involvement across the digital asset ecosystem, of which we have been a pioneer and innovator for several years now.”
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