Paxos Releases Second USDG Attestation Report - November 2024

Latest Update on USDG: Paxos Releases Second Attestation Report

In the ever-evolving landscape of cryptocurrencies, stablecoins continue to draw significant attention. According to a recent report by PANews, stablecoin issuer Paxos has unveiled its second attestation report pertaining to USDG, a compliant stablecoin launched in collaboration with DBS Bank in Singapore.

Key Highlights from the Attestation Report

• Token Increase: As of November 29, 2024, the number of USDG tokens held in contracts surged to 29,386,864 tokens.
• Issuance Growth: This marks a significant issuance of 18,636,724 tokens since the end of October.
• Redeemable Assets Value: The report states that the fair value of redeemable assets is at least $29,467,869, which ensures that the number of USDG tokens does not exceed the balance of redeemable assets.

USDG: A Compliant Stablecoin in Singapore

USDG is not just another stablecoin; it operates within the legal frameworks set by financial authorities in Singapore. With DBS Bank managing the U.S. dollar reserves that back USDG, the stablecoin assures users of its compliance and security in transactions.

Importance of Independent Attestation

The independent attestation of USDG's reserves is essential for maintaining trust and transparency in its operations. With cryptocurrency adoption on the rise, users look for stablecoins that provide solid assurances regarding their value and backing. The latest report from Paxos serves to bolster confidence among users and investors alike.

Conclusion

As the cryptocurrency market continues to advance, stablecoins like USDG play a crucial role in maintaining stability and compliance. The recent attestation report from Paxos indicates healthy growth and backing for USDG, positioning it as a reliable option in the stablecoin ecosystem.