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