Stablecoin Issuer Paxos Receives Preliminary Nod from Singapore Regulator Blockchain infrastructure firm Paxos has obtained a preliminary license from the Monetary Authority of Singapore (MAS) for its new entity. With the in-principal approval, Paxos Digital Singapore, the new entity, will offer digital payment token services to Singaporeans. Further, Paxos announced plans to launch a USD-backed stablecoin. In a Thursday statement, Paxos noted that the new USD stablecoin will be compliant with M...

BIS Research Report: Stablecoins Not Secure as Store of Value Fiat-backed stablecoins are “not a safe store of value,” according to a new research report from the Bank for International Settlements (BIS). According to the report, the BIS found that from January 2019 to September 2023, fiat-backed stablecoins were able to maintain their peg ratio only 94% of the time, falling short of the 100% assurance often promised in project white papers. Crypto-backed stablecoins and commodity-backed stablec...

UK Government Rolls Out Final Proposals for Stablecoin Regulation The United Kingdom has released proposals for a stablecoin framework alongside wider industry regulations in a bid to position the country as an investment destination and to protect users. In an Oct 30 release, His Majesty’s Treasury published a set of guidelines for regulating ‘fiat-backed stablecoins’ amid calls for global regulation following wider scrutiny in the markets. In recent times, calls have been made for the UK to re...