DBS Group Singapores Largest Bank Collaborates with Major Stablecoin Company

Singapore’s largest bank, DBS Group, has formed a partnership with stablecoin issuer Paxos to provide custody services for stablecoin reserves and related cash management services. This collaboration is a result of Paxos obtaining a license from the Monetary Authority of Singapore, signaling DBS Group’s increased involvement in the digital asset ecosystem. The bank’s head of digital assets, Evy Theunis, expressed their excitement about partnering with leading stablecoin issuers as long as they comply with regulatory requirements. Singapore is actively promoting the use of blockchain technology to enhance its position as a global financial center. Stablecoins, which are pegged to major currencies and backed by reserves like cash and bonds, have the potential to revolutionize traditional finance by facilitating easier, faster, and cheaper payments. Currently, there are approximately $162 billion worth of stablecoins in circulation, with Tether Holdings Ltd’s USDT token dominating the market share at 70%. Other significant stablecoins include Circle’s USDC, Paxos’ USDP, and PayPal’s PYUSD. It’s important to note that this article does not provide investment advice. To invest in over 300 cryptocurrencies, you can register with Binance exchange and enjoy a 20% commission discount through this link. Stay updated with exclusive news, analytics, and on-chain data by following our Telegram and Twitter accounts.