Blockchain and tokenized infrastructure platform Paxos has announced that it has received full approval from the Monetary Authority of Singapore (MAS) for its Singaporean entity, Paxos Digital Singapore Pte. Ltd. to offer digital payment token services as a primary payment institution. This approval enables Paxos to issue stablecoins under MAS 'upcoming stablecoin framework. In addition, DBS Bank, the largest bank in South East Asia by assets, will be the primary banking partner for Paxos' cash management and custody of stablecoin reserves. Paxos said it has received approval to issue stablecoins in the United States, the United Arab Emirates, and Singapore.