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Paxos Gains Singapore Approval for Stablecoin Issuance With DBS Providing Custody [Yahoo! Finance]
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US:NASDAQ Investor Relations: investor.paypal-corp.com
DBS will be the company's banking partner for cash management and the custody of its stablecoin reserves. Digital asset company Paxos said it received full approval from the Monetary Authority of Singapore to offer digital payment token services in the country, the company's third jurisdiction. In a Monday statement, the issuer, whose products include PayPal USD (PYUSD) as well as its own Pax Dollar (USDP), also said DBS, the state's biggest bank, will be its primary banking partner for cash management and the custody of its stablecoin reserves. Last year, Singapore released a stablecoin framework requiring issuers to meet certain stability and redemption requirements. The New York-based company is also authorized in New York and the United Arab Emirates. See also: Asian Banking Giant DBS Is Patiently Wading Into Crypto
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NEWS
- With 71% institutional ownership, PayPal Holdings, Inc. (NASDAQ:PYPL) is a favorite amongst the big guns [Yahoo! Finance][Yahoo! Finance]
- Why Is PayPal Holdings, Inc. (PYPL) the Best Undervalued Stock to Buy Now? [Yahoo! Finance][Yahoo! Finance]
- Stablecoin Issuer Paxos Names Lim Executive Director in Singapore [BNN Bloomberg (Canada)][BNN Bloomberg]
- PayPal Holdings, Inc. (NASDAQ: PYPL) was upgraded by analysts at Susquehanna from a "neutral" rating to a "positive" rating. They now have a $71.00 price target on the stock.[MarketBeat]
- Singapore's DBS Boosts Digital-Asset Push With First Stablecoin Tie-Up [BNN Bloomberg (Canada)][BNN Bloomberg]
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SEC Filings
- 7/3/24 - Form 4
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- 6/28/24 - Form 8-K
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