The leading bank in Singapore has teamed up with a prominent stablecoin issuer to introduce a new crypto custody service.
As reported by Bloomberg, DBS Group Holdings has launched a new crypto custody service in collaboration with Paxos Trust Co., a stablecoin issuer.
In a press release by Paxos, the stablecoin issuer has received approval from the Monetary Authority of Singapore (MAS) to provide a digital token payment service in partnership with DBS.
Paxos mentioned that Singapore is the third market where they have obtained approval for issuing stablecoins, following the United Arab Emirates and the US.
Walter Hessert, head of strategy at Paxos, commented on the partnership, stating, “Stablecoins that comply with regulations set by authorities like MAS – renowned for its stringent regulatory standards – mark a significant stride towards making commerce and financial services more inclusive. Approval from MAS is a significant milestone for Paxos and our global enterprise partners in offering secure access to US dollars to a larger audience worldwide.”
Evy Theunis, head of digital assets at the institutional banking group of DBS Bank, expressed enthusiasm about the new partnership, stating, “We are excited to support Paxos’ venture in Singapore. We strongly believe that trust and security are vital for wider adoption of stablecoins. By addressing all relevant considerations related to managing reserve assets, stablecoin issuers will find that our solutions can help them meet the high standards expected by regulators and customers. This partnership further expands DBS’s extensive involvement in the digital asset ecosystem, where we have been leaders and innovators for many years.”
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