Robinhood, Kraken, and Paxos have joined forces to launch the Global Dollar Network, a new initiative focused on accelerating the adoption of stablecoins worldwide. This network will introduce a new stablecoin, USDG, pegged to the US dollar and issued out of Singapore by Paxos.
In a statement released on November 5, blockchain infrastructure company Paxos announced that its newly created “open network” aims to promote the global adoption and utilization of stablecoins.
The USDG will be governed by a committee comprising representatives from the network’s partners, including Anchorage Digital, Bullish, and Nuvei. It aims to compete with dominant players like Tether and USD Coin, which currently hold nearly 90% of the total stablecoin market capitalization.
The Global Dollar Network is designed to be an open platform, welcoming qualified entities such as custodians, exchanges, and fintech firms to join through invitation. The network’s goal is to provide a regulated and efficient infrastructure for stablecoin transactions, fostering innovation and expanding the use cases of digital assets.
