Paxos Trust Co named Jeannie Lim, who was most recently head of messaging payments at Meta Platforms Inc in Singapore, as the stablecoin issuer’s executive director at Paxos Singapore.

“Jeannie will be responsible for developing and driving Paxos’ strategic vision and goals for the APAC (Asia Pacific) region,” a spokesperson at New York-headquartered Paxos wrote in an email. “She will oversee new business opportunities and partnerships, as well as manage continued engagement with key clients, partners, regulators and the like, throughout the region.”  

Stablecoins are mostly used by crypto traders to move digital assets between exchanges, or as a means of storing wealth away from token price volatility. 

Rich Teo, co-founder and former chief executive officer of Paxos in Asia, remains a member of the board. Paxos employees were notified in February that Teo would be “transitioning out of his day-to-day role” at the company. Teo and Charles Cascarilla co-founded Paxos in 2012, and it raised US$300 million in a funding round, led by Oak HC/FT. 

Paxos announced on Monday that its Singapore entity, Paxos Digital Singapore Pte Ltd, has received approval from the Monetary Authority of Singapore to offer digital payment token services as a major payments institution. Paxos said this makes Singapore the third market, following the US and United Arab Emirates, for Paxos and its related entities to be authorised to issue stablecoins.

Paxos is also the company behind PayPal Holdings Inc’s stablecoin, PYUSD, which was launched in August last year.

  - Bloomberg