Singapore’s DBS Boosts Digital-Asset Push With Stablecoin Tie-Up

Singapore’s largest bank DBS Group Holdings Ltd. will for the first time custody stablecoin reserves and offer related cash management services, in a tie-up with the local unit of cryptocurrency issuer Paxos Trust Co.

The lender said the development deepens its wide-ranging involvement in the digital-asset ecosystem, making the announcement after Paxos’ operation in the city-state received a license from the Monetary Authority of Singapore.

“We look forward to partnering leading stablecoin issuers for their cash management and reserve custody needs if they meet the regulatory requirements,” Evy Theunis, head of digital assets at the institutional banking group ...