Anchorage Digital, Bullish, Galaxy Digital, Kraken, Nuvei, Paxos and Robinhood have partnered to launch the Global Dollar Network.
The network aims to accelerate global stablecoin adoption and incentivize new use cases for Paxos’ stablecoin USDG, which launched on November 1.
Blockchain infrastructure platform Paxos will issue USDG locally in accordance with the regulations of the Monetary Authority of Singapore, according to a press release. Eligible entities such as custodians, exchanges, payment technology companies and other entities in the financial sector can join the Global Dollar Network by invitation.
Singaporean banking giant DBS will host USDG reserves. The token is available on Ethereum and is planned to be issued on other blockchains in the near future. (The Block)