Paxos has expanded its stablecoin offerings with the launch of Global Dollar (USDG), a US dollar-backed stablecoin that aligns with Singapore’s upcoming stablecoin regulations. The company claims that this stablecoin is “designed to support the needs of regulated institutions.”

A Regulatory-Compliant Stablecoin

Announced today (Friday), Paxos’ Singapore-based subsidiary, which is regulated by the Monetary Authority of Singapore (MAS), is the issuer of the new stablecoin. The company will partner with global exchanges, wallets, and platforms for the distribution of the stablecoin to individuals and institutions.

Initially, USDG will be available on the Ethereum blockchain, but the company plans to issue it on additional blockchains in the near future.

“Enterprise interest in stablecoins has never been higher than it is today,” said Ronak Daya, Head of Product at Paxos, “but the market lacks a solution that combines regulatory compliance with real economic incentives for enterprises.”