A consortium of fintech and cryptocurrency companies have jointly launched Global Dollar Network, an open network designed to accelerate stablecoin usage worldwide.
The initial partners of Anchorage Digital, Bullish, Galaxy Digital, Kraken, Nuvei, Paxos and Robinhood are uniting resources and expertise to increase stablecoin adoption and expand real world use cases, Paxos said.
Starting on Tuesday, additional leaders across various sectors, including custodians, exchanges, payment fintechs, merchants, protocols, card networks, banks and investment platforms can join the Global Dollar Network to support innovation in global money movement.
According to Paxos, many stablecoins fall short of meeting the standards and consumer protections required by global enterprises. Further, enterprise adoption is restricted by outdated business models that levy high costs on blockchain ecosystems and the broader economy.
These shortcomings were hindering overall innovation and represent a lost opportunity for payments providers, custodians, exchanges and investment platforms seeking low-cost, safe stablecoin options. The Global Dollar Network is revolutionising this market by offering a trusted stablecoin that provides proportionate economic benefits to all partners.
At the heart of the network is the Global Dollar (USDG), a new, safe and trusted stablecoin issued out of Singapore by Paxos that is substantively compliant with the Monetary Authority of Singapore’s upcoming stablecoin framework.
The network leverages the collective strengths of each of its partners to incentivise the development of both crypto and broader financial solutions involving USDG. Directed by a network advisory committee with partner representation, Global Dollar Network aims to reshape the stablecoin landscape, offering a solution that meets the stringent demands of global enterprises while promoting collaborative growth and innovation.
Realising Benefits
Anchorage Digital CEO Nathan McCauley said that institutions gain an incredible set of opportunities with stablecoins: fast peer-to-peer and cross-border settlement, efficient trading capability and the chance to earn rewards on select stablecoin deposits.
According to Kraken’s C0-CEO Arjun Sethi, the lack of competition in the regulated stablecoin market has prevented the industry from reaching its full potential. USDG upends this dynamic with a more equitable model that will bring mainstream participants into the ecosystem and accelerate new stablecoin use cases.
Paxos CEO and Co-founder Charles Cascarilla said that stablecoins were re-platforming the financial system and revolutionising how people interact with US dollars and payments. However, the leading stablecoins are unregulated and retain all the reserve economics.
“Global Dollar Network will return virtually all rewards to participants and is open for anyone to join. It is designed to incentivize global stablecoin usage and accelerate societal wide adoption of this technology,” he added.
Users of Anchorage Digital, Galaxy Digital, Kraken and Paxos can get USDG on these venues starting today. USDG will soon be available across all named distribution partners.
Singapore’s DBS Bank, Southeast Asia’s largest bank by assets and recognised as the Safest Bank in Asia for 16 consecutive years by Global Finance magazine, will serve as the primary banking partner at launch for cash management and custody of USDG reserves.
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