YAX

Crypto Firm Paxos to Issue U.S.-Dollar Stablecoin in Singapore -- WSJ

Dow Jones

-

By Vicky Ge Huang

Paxos said it will issue a new U.S. dollar-pegged stablecoin in Singapore after getting approval from local regulators to offer digital payment token services.

The stablecoin would mark Paxos' first such product in Asia. The company said it will continue to expand its Singapore office, which has about 20 employees.

Back at home in the U.S., the company is facing regulatory pressures.

In February, the Securities and Exchange Commission threatened to sue] more of the token.

Earlier this month, PayPal said in a regulatory filing that it received a subpoena from the SEC related to PayPal USD--also issued by Paxos--asking it to produce documents related to the stablecoin.

NOTE: In-line links reference additional content of interest chosen by the WSJ news team.

This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage).

(END) Dow Jones Newswires

November 16, 2023 10:30 ET (15:30 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.

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The company said it will continue to expand its Singapore office, which has about 20 employees.Back at home in the U.S., the company is facing regulatory pressures.In February, the Securities and Exchange Commission threatened to sue] more of the token.Earlier this month, PayPal said in a regulatory filing that it received a subpoena from the SEC  related to PayPal USD--also issued by Paxos--asking it to produce documents related to the stablecoin.This item is part of a Wall Street Journal live coverage event. 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The full stream can be found by searching P/WSJL (WSJ Live Coverage). \n\n\n \n \n\n\n  (END) Dow Jones Newswires\n\n\n  November 16, 2023 10:30 ET (15:30 GMT)\n\n\n  Copyright (c) 2023 Dow Jones & Company, Inc.","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null}}