Navigating the New Global Stablecoin: Insights into the USDG Network
by aria-crypto.com
November 6, 2024 at 18:45
Navigating the New Global Stablecoin: Insights into the USDG Network
Kraken, Robinhood, and several other notable crypto firms have united with Paxos to launch the Global Dollar Network, an initiative aimed at boosting stablecoin adoption worldwide. This network introduces a new stablecoin, the Global Dollar (USDG), issued by Paxos in Singapore. Designed specifically for enterprises, USDG aligns with the Monetary Authority of Singapore’s forthcoming stablecoin regulations. Charles Cascarilla, CEO and co-founder of Paxos, emphasized that unlike existing unregulated stablecoins that keep all reserve economics, the Global Dollar Network will distribute nearly all rewards back to its participants. This network encourages a broader adoption of stablecoins, positioning the USDG to potentially reshape global financial interactions and enhance the utility of digital currencies. Partners in this venture include Galaxy Digital, Anchorage Digital, the exchange Bullish, and payment technology firm Nuvei, illustrating a strong backing from a blend of investment, technology, and finance sectors.
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