On Nov. 5, crypto, venture capital, and fintech firms Anchorage Digital, Bullish, Galaxy Digital, Kraken, Nuvei, Paxos, and Robinhood announced the launch of the “Global Dollar Network.”
The partners are combining resources and expertise to increase stablecoin adoption and expand real-world use cases with the launch of the Global Dollar USDG stablecoin.
Paxos will be powering the stablecoin, which is compliant with the upcoming Monetary Authority of Singapore’s stablecoin framework.
USDG Aims to be Different
The new stablecoin aims to address the limitations of existing ones by promising to return “virtually all rewards” to participants, providing an open network model that allows additional partners to join, and focusing on meeting enterprise-grade standards and consumer protections.
Southeast Asia’s largest bank by assets, DBS Bank, will serve as the primary banking partner in providing cash management and the custody of reserves.
[1 / 4] Today, we’re launching Global Dollar Network (@global_dollar ) — an open network to accelerate and reward global stablecoin adoption. Additional partners include @Anchorage, @Bullish, @galaxyhq, @krakenfx, @Nuvei and @RobinhoodApp.
View the press release ⬇️…
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Author: Martin Young
