- Standard Chartered partners with Paxos to offer cash management, trading, and custody services for USDG and USDL stablecoins.
- The collaboration strengthens Paxos’ tokenisation platform with robust banking solutions for regulated digital assets.
What happened: Standard Chartered supports Google Pay integration for Paxos stablecoins
Standard Chartered has announced a strategic reserve management partnership with Paxos, a leading blockchain infrastructure company. This agreement focuses on managing reserves for two Paxos-issued stablecoins: Global Dollar (USDG), a US dollar-backed stablecoin operating under Singaporean regulations, and Lift Dollar (USDL), regulated in Abu Dhabi. Standard Chartered’s role includes providing cash management, trading, and custody solutions to strengthen Paxos’ global tokenisation platform.
By integrating advanced transaction banking, financial market tools, and securities services, Standard Chartered aims to enhance Paxos’ operational efficiency and scalability. Adam Ackermann, head of treasury and portfolio management at Paxos, highlighted the significance of this collaboration, stating, “Standard Chartered’s commitment to compliance and operational excellence is critical for Paxos as we continue to expand the reach of our regulated stablecoins.”
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Why it’s important
This partnership underscores the increasing integration of traditional banking institutions into the digital asset ecosystem. By collaborating with Paxos, Standard Chartered leverages its expertise in risk management and financial operations to advance the adoption of secure, regulated stablecoins. These assets play a pivotal role in cross-border payments, liquidity solutions, and tokenised financial services.
The deal also reflects the rising demand for banking solutions that bridge the gap between fiat currencies and blockchain technology. With global regulators focusing on stablecoin oversight, partnerships like this ensure that digital currencies adhere to stringent compliance standards, fostering trust and innovation. John Collura of Standard Chartered remarked, “Our support for Paxos demonstrates our dedication to enabling next-generation digital asset solutions that promote economic inclusion worldwide.”
