🔥 Paxos Launches Global Stablecoin Network
posted 5 Nov 2024
Several major financial companies have come together to create the Global Dollar Network, an open stablecoin network aimed at accelerating the global adoption of stable digital assets.
This initiative was announced on the official website of Paxos Trust Company.
The network’s founding partners—Anchorage Digital, Bullish, Galaxy Digital, Kraken, Nuvei, Paxos, and Robinhood—have pooled their resources and expertise to expand the use of stablecoins in real-world applications.
As of November 5, 2024, the Global Dollar Network is open to additional leaders from various sectors within the crypto industry, including custodians, exchanges, financial infrastructure providers, merchants, protocols, card issuers, banks, and investment platforms.
The network’s native token is Paxos’ regulated stablecoin USDG, launched on October 31, 2024. This new stablecoin fully complies with upcoming frameworks proposed by the Monetary Authority of Singapore and European MiCA regulations.
The network aims to leverage the strengths of each partner to support both crypto and broader financial solutions that incorporate stablecoins into business processes. Industry leaders such as PayPal, Mastercard, Mercado Libre, and Nubank—already users of Paxos blockchain solutions—are expected to join soon, having expressed interest in supporting USDG.
The project will be overseen by an advisory board composed of representatives from all partner organizations, with decisions made through voting.
The Global Dollar Network aspires to make the use and storage of stablecoins a common, everyday practice by ensuring that its solutions meet strict regulatory and commercial standards, fostering shared growth and technological innovation.
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