Stablecoin Issuer Paxos Names Lim Executive Director in Singapore

Muyao Shen, Bloomberg News

Rich Teo, co-founder of Paxos Trust Co., speaks in Singapore during a conference in 2022. , Photographer: Lionel Ng/Bloomberg

(Bloomberg) -- 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 region,” a spokesperson at New York-headquartered Paxos wrote in an email. “She’ll 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 $300 million in a funding round led by Oak HC/FT.

Paxos announced 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 authorized to issue stablecoins.

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