Standard Chartered Joins Hands with Blockchain Platform Paxos

Paxos, a regulated blockchain and tokenization infrastructure platform, has announced a strategic partnership with Standard Chartered aimed at enhancing the reserve management of its Global Dollar (USDG) and Lift Dollar (USDL) stablecoins.

Under the collaboration, Standard Chartered will provide services such as cash management, trading, and custody to support the stablecoins' operations in Singapore and the UAE. According to Paxos, these stablecoins are fully backed by US dollar reserves and operate under stringent regulatory frameworks.

Highlighting the significance of the partnership, Paxos emphasized its commitment to maintaining high standards for reserve management, relying solely on short-term, highly liquid US government securities and cash equivalents to ensure 1:1 parity with the US dollar. This approach, Paxos stated, reinforces trust in its ecosystem and guarantees seamless convertibility to fiat currency.

Adam Ackermann, Head of Treasury and Portfolio Management at Paxos, praised Standard Chartered's contributions, saying, "Standard Chartered's commitment to risk management, compliance, and operational efficiency across its world-class banking solutions is critical to Paxos as a regulated stablecoin issuer."

John Collura, Global Head of Banks & Broker Dealer Sales at Standard Chartered, added, "By providing robust cash management, trading, and custody services, we're enabling the next generation of secure and regulated digital asset solutions that drive global adoption and economic inclusion."