Paxos Releases First USDG Attestation Report

According to PANews, Paxos, a stablecoin issuer, has released its inaugural attestation report for USDG. The report reveals that as of 5 PM on October 31, 2024, Singapore time (UTC+8), the Ethereum network's USDG contract held 10,750,140 tokens. The fair value of the redemption assets is at least equal to or greater than $10,750,140, ensuring that the number of USDG tokens does not exceed the reported redemption asset balance. Previously, it was reported that USDG is a compliant stablecoin in Singapore, launched through a collaboration between Paxos and DBS Bank. DBS Bank is responsible for managing the U.S. dollar reserves backing the stablecoin.