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Paxos gains approval for Singapore stablecoin launch with DBS partnership

Paxos, a leading blockchain infrastructure platform, has unveiled a new stablecoin pegged to the Singapore dollar (SGD) in collaboration with DBS Bank, Singapore’s largest bank.

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Paxos, a leading blockchain infrastructure platform, has unveiled a new stablecoin pegged to the Singapore dollar (SGD) in collaboration with DBS Bank, Singapore’s largest bank.

This strategic partnership marks a significant milestone in Singapore’s digital currency landscape, as Paxos becomes the first blockchain firm to launch a SGD-denominated stablecoin. The stablecoin, known as Paxos SGD (PAX SGD), aims to provide a secure and reliable digital asset alternative for transactions and settlements within the financial ecosystem.

The collaboration leverages Paxos’s expertise in blockchain technology and DBS’s extensive financial infrastructure to ensure robust compliance and operational efficiency. Paxos SGD is designed to facilitate seamless transactions, offering users a stable and transparent digital currency solution backed by fiat reserves.

The launch of Paxos SGD underscores growing demand for stablecoins in global markets, driven by their potential to mitigate volatility risks associated with traditional cryptocurrencies like Bitcoin and Ethereum. Stablecoins pegged to major fiat currencies such as the SGD are increasingly favored by businesses and consumers for their stability and ease of use in everyday transactions.

DBS’s participation in the partnership highlights its commitment to embracing digital innovation within the financial sector. The bank’s collaboration with Paxos reflects a strategic move towards integrating blockchain technology into its existing financial infrastructure, enhancing service offerings and meeting evolving customer demands.

As Paxos SGD enters the market, stakeholders anticipate its impact on enhancing liquidity and efficiency in Singapore’s financial ecosystem. The stablecoin’s launch sets a precedent for future collaborations between blockchain firms and financial institutions, paving the way for greater adoption of digital currencies in mainstream finance.

Moving forward, Paxos and DBS aim to explore additional use cases and applications for Paxos SGD, aiming to further expand its utility and accessibility across various sectors. The partnership underscores a shared commitment to driving innovation and advancing digital currency solutions that meet the needs of modern financial markets.

Stay tuned as Paxos SGD continues to gain traction, offering new opportunities for businesses and consumers seeking reliable and efficient digital payment solutions backed by the stability of the Singapore dollar.

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7-Eleven South Korea to accept CBDC payments in national pilot program

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7-Eleven is set to participate in the testing phase of a central bank digital currency (CBDC) initiative, running from April to June. The retail giant’s involvement highlights the growing push for digital currency integration in everyday transactions.

The pilot program will assess the feasibility of CBDC payments at 7-Eleven stores, allowing customers to make purchases using the digital currency. The initiative is part of a broader effort to explore the real-world application of CBDCs in retail environments, potentially shaping future payment systems.

As central banks worldwide accelerate their digital currency research, private sector collaboration is seen as crucial for widespread adoption. If successful, 7-Eleven’s participation could pave the way for broader CBDC usage across retail and commercial sectors.

The outcome of the testing phase will provide valuable insights into consumer adoption, transaction efficiency, and potential regulatory considerations, influencing how CBDCs are integrated into mainstream financial systems.

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SEC and Gemini ask to pause lawsuit to explore ‘potential resolution’

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The U.S. Securities and Exchange Commission (SEC) and crypto exchange Gemini have agreed to pause legal proceedings as both sides explore a potential resolution to their ongoing lawsuit. The move signals a possible settlement in the high-profile case, which centers around Gemini’s now-defunct Earn program.

The SEC initially sued Gemini, alleging that the Earn program—designed to offer users yield on crypto deposits—operated as an unregistered securities offering. Gemini has pushed back against the claims, arguing that its operations complied with regulatory standards.

By pausing litigation, both parties may be looking for a compromise that could set a precedent for crypto lending products in the U.S. A settlement could also provide regulatory clarity for similar platforms navigating SEC scrutiny.

While the outcome remains uncertain, the crypto industry is closely watching the case, as its resolution could impact future enforcement actions and the broader regulatory approach toward digital asset lending services.

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GameStop finishes $1.5B raise to add Bitcoin to its balance sheet

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GameStop has successfully completed a debt offering, raising capital that may be used to acquire Bitcoin, signaling the company’s deeper foray into digital assets. The move aligns with its broader strategy to diversify beyond traditional retail operations and into emerging financial technologies.

While GameStop has not confirmed the exact allocation of the funds, market speculation suggests that a portion could be used to buy Bitcoin, following in the footsteps of companies like MicroStrategy. The potential investment would reinforce GameStop’s ongoing pivot toward blockchain and digital assets, an effort that began with its NFT marketplace and crypto-related initiatives.

Analysts see this development as part of a growing trend of corporations exploring Bitcoin as a reserve asset amid concerns over inflation and monetary policy. If GameStop proceeds with the acquisition, it could further validate Bitcoin’s role as a strategic investment for publicly traded companies.

The company’s board will ultimately decide how the newly raised capital is deployed. Investors and the broader crypto market are watching closely for any official announcements regarding GameStop’s Bitcoin strategy.

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