Blockchain infrastructure firm Paxos has announced the launch of Singapore-compliant stablecoin Global Dollar (USDG), which is managed by DBS Bank for USD reserves. This is Paxos' second localized stablecoin offering, following the launch of UAE-regulated interest-bearing stablecoin Lift Dollar (USDL) five months ago. USDG was approved by the Monetary Authority of Singapore (MAS) in July this year, fully compliant with the stablecoin regulatory framework established by MAS in August 2023. The stablecoin currently runs on the Ethereum blockchain and will be expanded to other public blockchains in the future depending on regulatory developments. USDG is backed by a 1:1 dollar reserve in the form of US dollar deposits, short-term US government bonds, and other cash equivalents.