cryptonewsz.com
Today, a group of crypto leaders unveiled the Global Dollar Network, an open network designed to boost global stablecoin adoption. Prominent crypto players including Anchorage Digital, Bullish, Galaxy Digital, Kraken, Nuvei, Paxos, and Robinhood, have jointly launched the network.
The Global Dollar Network is an effort to address existing gaps in stablecoin reliability and enterprise adoption, which are often hindered by outdated practices and high costs impacting blockchain ecosystems. This initiative introduces the Global Dollar (USDG), a new stablecoin issued by Paxos in Singapore, aligning with the Monetary Authority of Singapore’s upcoming regulations. USDG is designed to be a safer, compliant stablecoin, promising economic benefits for network participants.
(1/4) Today marks an exciting milestone in Paxos’ history. We’re pleased to introduce @global_dollar, the latest US dollar-backed stablecoin issued by Paxos. This is the 6th trusted digital asset from Paxos and its affiliates.
View the official press release here:… pic.twitter.com/G7fb9Ny9bT
— Paxos (@Paxos) October 31, 2024
The official statement read, “Starting today, additional leaders across various sectors, including custodians, exchanges, payment fintechs, merchants, protocols, card networks, banks and investment platforms can join the Global Dollar Network to support innovation in global money movement.”
At present, USDG will be available through Anchorage Digital, Galaxy Digital, Kraken, and Paxos platforms, with broader distribution to follow in future. DBS Bank, Southeast Asia’s largest bank, will serve as the primary banking partner for cash management and custody of USDG reserves.
Emphasizing on the importance of stablecoin, Nathan McCauley, CEO of Anchorage Digital, said, “Institutions gain incredible opportunities with stablecoins: fast settlements, efficient trading, and potential rewards on deposits. We’re pleased to support the Global Dollar Network, making these benefits a reality.”
Kraken Co-CEO Arjun Sethi pointed out that USDG’s entry disrupts the limited competitive landscape, paving the way for broader enterprise use. Charles Cascarilla, CEO of Paxos, underscored the transformative potential of stablecoins in modern finance, emphasizing the network’s aim to return economic benefits to participants and drive global adoption.
Robinhood’s Johann Kerbrat noted, “Stablecoins bridge traditional finance and crypto, enabling efficient, cost-effective transactions. We’re proud to support this initiative aligning with our mission for inclusive financial access.”