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Standard Chartered Bank will provide cash management, trading, and custody services for offshore Paxos stablecoin
Standard Chartered Bank announced that it will provide cash management, trading and custody services for Paxos stablecoin issued outside the United States. Paxos issued Lift Dollar (USDL) (market capitalization of USD 54 million) in Abu Dhabi and Global Dollar (USDG) (market capitalization of USD 29 million) in Singapore. In addition, Paxos has also issued onshore stablecoins such as Paypal USD (PYUSD), but this stablecoin is not part of the above arrangement.