2 weeks ago
Paxos has joined forces with large manufacture players to motorboat the Global Dollar Network, a strategical inaugural aimed astatine accelerating stablecoin adoption worldwide.
The partnership, announced connected Nov. 5, includes well-known names similar Anchorage Digital, Bullish, Galaxy Digital, Kraken, Nuvei, and Robinhood.
By pooling resources, these partners mean to thrust stablecoin adoption and unlock caller real-world applications. While these six companies are the archetypal collaborators, Paxos plans to invited further partners arsenic the inaugural expands.
Global Dollar Network
Paxos outlined that the Global Dollar Network addresses challenges communal to astir stablecoins, which often conflict to conscionable enterprise-level lawsuit extortion standards, limiting the imaginable for wide endeavor usage and affecting sectors similar payments, custodial services, exchanges, and concern platforms.
The Global Dollar Network aims to tackle these gaps by providing a reliable stablecoin backed by an economically beneficial concern structure. Leveraging the combined resources of its partners, the web is acceptable to heighten some crypto and fiscal solutions for assorted sectors.
Overall, the radical aims to alteration the stablecoin marketplace with a solution that meets the rigorous standards of planetary enterprises.
Charles Cascarilla, CEO and Co-Founder of Paxos, said:
“Global Dollar Network volition instrumentality virtually each rewards to participants and is unfastened for anyone to join. It is designed to incentivize planetary stablecoin usage and accelerate societal wide adoption of this technology.”
USDG
At the bosom of this effort is simply a caller USD-backed stablecoin called the Global Dollar (USDG).
USDG was designed to align with Singapore’s forthcoming stablecoin regulations. DBS Bank, Southeast Asia’s largest bank, volition clasp USDG reserves and besides enactment arsenic the superior banking partner, offering indispensable currency absorption services for the stablecoin.
Starting today, users connected platforms specified arsenic Anchorage, Galaxy, Kraken, and Paxos tin entree USDG. The stablecoin is expected to rotation retired to the networks of different organisation partners soon.
Arjun Sethi, Co-CEO astatine Kraken, said:
“The deficiency of contention successful the regulated stablecoin marketplace has prevented the manufacture from reaching its afloat potential. USDG upends this dynamic with a much equitable exemplary that volition bring mainstream participants into the ecosystem and accelerate caller stablecoin usage cases.”
The station Paxos launches USDG planetary dollar web with partners including Robinhood, Kraken appeared archetypal connected CryptoSlate.
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