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Stablecoin USDG joins Robinhood, Kraken and Paxos to boost global usage
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Robinhood, Kraken, Galaxy Digital and Paxos have joined forces to launch a new global network of stablecoins, USDG, anchored to the US dollar, with the aim of boosting the use of this technology on a global scale.
In a statement shared with Todaysgist, Paxos, a blockchain infrastructure company, revealed that the initiative seeks to accelerate the adoption of stablecoins through an open and collaborative network.
The new stablecoin, called USDG, entered the market on November 1st and is initially available on the Ethereum blockchain. However, Paxos plans to expand circulation of USDG to other networks as regulations advance.
“The lack of competition in the regulated stablecoin market has prevented the sector from reaching its full potential. USDG comes to change this dynamic with a more equitable model, attracting traditional market participants and fostering new use cases for stablecoins”, said Arjun Sethi, co-CEO of Kraken.
Stablecoin
To enhance security and user confidence, USDG will be issued from Singapore and will operate in compliance with the Monetary Authority of Singapore’s (MAS) new regulatory framework established in August 2023.
The stablecoin’s backing will come from reserves held by DBS Bank, Singapore’s largest bank, with assets such as dollar deposits, short-duration US government bonds and cash equivalents, ensuring 1:1 peg with the US dollar.
“The partnership with DBS Bank will enable USDG to meet enterprise-level demand, increasing the trust and robustness of the stablecoin for global use,” explained Ronak Daya, head of product at Paxos.
The creation of the Global Dollar Network will allow qualified financial institutions, such as custodians, exchanges and fintechs, to join the consortium through invitations.
This collaborative approach aims to not only strengthen USDG’s presence in the market, but also create a more diverse and competitive ecosystem. In addition to USDG, Paxos also offers other stablecoins such as PayPal USD (PYUSD) and Pax Dollar (USDP).
USDG’s entry into the market occurs in a scenario dominated by giants Tether (USDT) and USD Coin (USDC), which represent, respectively, 56% and 27% of the supply of stablecoins on Ethereum, according to data from DefiLlama.
Stablecoin USDG joins Robinhood, Kraken and Paxos to boost global usage
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Stablecoin USDG joins Robinhood, Kraken and Paxos to boost global usage
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Stablecoin USDG joins Robinhood, Kraken and Paxos to boost global usage
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Stablecoin USDG joins Robinhood, Kraken and Paxos to boost global usage
