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Paxos Gains Singapore Approval for Stablecoin Issuance With DBS Providing Custody
The Monetary Authority of Singapore released its stablecoin framework last year.
Updated Jul 2, 2024, 9:42 a.m. Published Jul 2, 2024, 9:39 a.m.
- Digital asset company Paxos received Monetary Authority of Singapore approval to offer digital payment token services, enabling it to issue stablecoins.
- DBS will be the company's banking partner for cash management and the custody of its stablecoin reserves.
Digital asset company Paxos said it received full approval from the Monetary Authority of Singapore to offer digital payment token services in the country, the company's third jurisdiction.
In a Monday statement, the issuer, whose products include as well as its own , also said DBS, the state's biggest bank, will be its primary banking partner for cash management and the custody of its stablecoin reserves.
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Last year, Singapore released a stablecoin framework requiring issuers to meet certain stability and redemption requirements. The New York-based company is also authorized in New York and the United Arab Emirates.
See also: Asian Banking Giant DBS Is Patiently Wading Into Crypto
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Exchange Review - March 2025
CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.
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Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.
- Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
- Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.
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