Fintech Companies Join Forces to Launch Global Dollar Network, Accelerating Stablecoin Adoption

Fintech Companies Join Forces to Launch Global Dollar Network, Accelerating Stablecoin AdoptionFintech companies, including Robinhood, Kraken, and Galaxy Digital, have joined forces to launch the Global Dollar Network. The network aims to accelerate global stablecoin adoption and incentivize new use cases for USDG, the stablecoin launched by Paxos on November 1st

Fintech Companies Join Forces to Launch Global Dollar Network, Accelerating Stablecoin Adoption

Fintech companies, including Robinhood, Kraken, and Galaxy Digital, have joined forces to launch the Global Dollar Network. The network aims to accelerate global stablecoin adoption and incentivize new use cases for USDG, the stablecoin launched by Paxos on November 1st.

According to a press release, blockchain infrastructure platform Paxos will issue USDG in Singapore under the regulation of the Monetary Authority of Singapore (MAS). Eligible entities, such as custodians, exchanges, payment technology companies, and others in the financial space, can join the Global Dollar Network by invitation. Singaporean banking giant DBS Bank will hold USDG reserves in custody.

The token will be available on Ethereum, with plans to issue it on other blockchains in the near future.

The launch of the Global Dollar Network aims to create a new ecosystem for USDG, enabling it to be more widely adopted and integrated into financial services. The network will allow participants to easily trade, settle, and custody USDG, thus driving stablecoin adoption and innovation.

Were excited to work with Paxos and other members of the Global Dollar Network to drive adoption of stablecoins, said Vlad Tenev, CEO of Robinhood. We believe USDG, as a trusted and reliable digital asset, will offer new opportunities for our customers.

"We are seeing an increasing demand for stablecoins, and the Global Dollar Network will provide a strong foundation for USDG to serve a wider market," said Jesse Powell, CEO of Kraken.

We believe USDG will be a major part of the global stablecoin ecosystem, and the Global Dollar Network will provide the necessary support for it to reach its full potential, added Mike Novogratz, CEO of Galaxy Digital.

The launch of the Global Dollar Network marks a significant step in the development of the stablecoin industry. As more companies join the network, USDG is expected to become a widely adopted stablecoin globally.