The new firm has already received preliminary approval from the Monetary Authority of Singapore (MAS) to provide digital payment token services to the city’s population. Later, the Singapore division plans to obtain a full license, which will expand the list of services provided. To confirm reserves, the company plans to provide monthly reports.
“Global demand for the dollar has never been stronger, but it remains difficult for buyers outside the US to invest in the US currency safely, securely and with regulatory protection,” said Paxos chief strategist Walter Hessert.
The company’s management is confident that significant funds will flow into the stablecoin space in the next few years. Analysts at brokerage firm Bernstein believe that the capitalization of the stablecoin market will grow from $125 billion to $2.8 trillion in just 5 years.
Let us recall that in August, Paxos, in partnership with PayPal, released the PYUSD stablecoin for the payment company.
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