According to Cointelegraph, Paxos has announced the launch of its second localized stablecoin product, USDG, in Singapore. This stablecoin complies with Singapore regulations and its US dollar reserves are managed and reserved by DBS Bank. USDG complies with the upcoming stablecoin framework formulated by MAS in August 2023. Therefore, USDG can currently be used on the Ethereum blockchain and will be launched on other blockchains as regulation evolves. This move comes just five months after the establishment of the UAE regulated interest bearing stablecoin, Lift Dollar (USDL). It is reported that Paxos' branch in Singapore, Paxos Digital Singapore, obtained approval for USDG from the Monetary Authority of Singapore (MAS) in July.