Paxos, Robinhood, and Kraken Collaborate to Promote USDG Stablecoin

Anchorage Digital, Bullish, Galaxy Digital, Kraken, Nuvei, Paxos, and Robinhood have joined forces to establish a “global dollar network.”

[4/4] This is just the beginning.

Join the new frontier: https://t.co/lKjnbabUaJ pic.twitter.com/ugHpsFJYZS

— Paxos (@Paxos) November 4, 2024

The Global Dollar Network aims to accelerate the adoption of stablecoins worldwide. At its core is a “new, secure, and reliable stablecoin” USDG. On November 1, it was issued by Paxos in compliance with the Monetary Authority of Singapore’s requirements.

The firm acts as the issuer of PayPal USD (PYUSD), Pax Dollar (USDP), and Pax Gold (PAXG).

Southeast Asia’s largest bank, DBS Bank, serves as the custodian for managing the cash underpinning USDG’s reserves.

The token operates on the Ethereum network, with plans for issuance on other blockchains. Users of Anchorage Digital, Galaxy Digital, Kraken, and Paxos can access it on their respective platforms.

A key feature of USDG is revenue distribution among network participants (not end users). The organization’s profit size depends on its contribution to the token’s development.

The project team invites all interested institutions to join the Global Dollar Network.

Back in June, Paxos introduced the USDL stablecoin, which offers holders a “risk-free” yield of approximately 5%.