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Singapore’s largest bank is partnering with a major stablecoin issuer to offer a new crypto custody service.
According to a new report by Bloomberg a reportDBS Group Holdings is introducing a new crypto custody service in partnership with stablecoin issuer Paxos Trust Co.
According to Paxos press releaseThe stablecoin company has received 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 where the company has received approval to issue a stablecoin, after the UAE and the US.
Walter Heissert, Chief Strategy Officer at Paxos, says of the partnership:
“Stablecoins issued under the standards set by a regulatory body like the Monetary Authority of Singapore – known for its stringent regulatory standards – represent an important step towards democratizing access to trade and financial services. Receiving approval from the Monetary Authority of Singapore is an important step for Paxos and our global institutional partners to bring secure access to USD to more users around the world.”
Evie Theunis, Head of Digital Assets, Institutional Banking Group at DBS, says of the new partnership:
“We are delighted to support Paxos’ new chapter in Singapore. We firmly believe that trust and security are key to wider adoption of stablecoins. Having examined all the relevant aspects that come with managing reserve assets, stablecoin issuers will find that our solutions will help them meet the rigorous standards that regulators and customers expect from them. This partnership expands DBS’s broad engagement across the digital asset ecosystem, which we have been pioneering and innovating in for several years now.”
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