Paxos, issuer of the stablecoin USDP, plans to hire at least 130 people in Singapore after obtaining a license from the city-state's central bank to offer crypto products and services there, Bloomberg reported Monday.

Co-founder Rich Teo said in an interview that the firm is planning a three-year expansion push built around Singapore as its hub for growth outside the U.S. The firm currently employs 20 people in Singapore and 350 globally.

Paxos is one of almost 20 firms to have received licenses from the Monetary Authority of Singapore (MAS) to offer digital token services under the Payment Services Act.

The planned hiring push in Singapore suggests Paxos is bucking the wider digital asset industry trend of headcount cuts in response to the past several months' crypto market slump. Some 11,700 crypto jobs had been lost since the beginning of April, according to CoinDesk estimates, based on media reports and press releases.