On November 29th, according to The Block, Paxos has obtained two principle approvals from the Abu Dhabi Global Market Financial Services Regulatory Authority to issue stablecoins and provide cryptocurrency brokerage and custody services.
A Paxos spokesperson stated that the company is expected to receive full approval in the first half of next year, which will enable Paxos to issue new stablecoins backed by the US dollar and other currencies from Abu Dhabi.