Robinhood and Kraken Launch New Global Stablecoin Network With Paxos' USDG

Leading fintech and digital asset firms, including Robinhood, Kraken and Galaxy Digital, have introduced a joint stablecoin pegged to the U.S. dollar. Called the Global Dollar Network, it seeks to enhance the stablecoin market by lowering transaction costs, boosting consumer protections, and facilitating cross-border transactions with rewards for institutional participants. Crypto Briefing reports: The network will utilize Paxos's new stablecoin, the Global Dollar (USDG), which complies with the Monetary Authority of Singapore's upcoming stablecoin framework. USDG is designed to return yield on reserve assets to participants who contribute to its adoption, encouraging the development of crypto and financial solutions using the token. The Global Dollar Network aims to address shortcomings in the stablecoin market, such as high transaction costs and limited consumer protections.

The network has opened an invite-only phase for select custodians, exchanges, payment processors, merchants, and banks to develop new solutions using USDG. Initial distribution is available on Anchorage Digital, Galaxy Digital, Kraken, and Paxos platforms, with plans to expand access through additional partners in the coming months.

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