Crypto infrastructure agency Paxos has secured in-principle approval from Singapore’s regulator for a brand new entity that’s planning the launch of a U.S. dollar-backed stablecoin.

In a Nov. 15 assertion, Paxos stated it obtained an preliminary nod from the Financial Authority of Singapore (MAS) for its new entity Paxos Digital Singapore Pte. Ltd. The brand new agency can provide digital fee token providers and plans to concern a USD stablecoin cleared below the MAS’ proposed stablecoin laws.