Kraken, Paxos, Robinhood, and More Team Up to Launch Stablecoin Network
Date: 2024-11-05 Author: Henry Casey Categories: BUSINESS
Anchorage Digital, Bullish, Galaxy Digital, Kraken, Nuvei, Paxos, and Robinhood have announced the creation of the Global Dollar Network, which they hope will accelerate the adoption of stablecoins internationally. The network aims to collaborate with leaders from across industries, including fintech, banking, investment platforms, and crypto exchanges.
The Global Dollar Network is based on the Global Dollar (USDG), a stablecoin pegged to the US dollar and issued by Paxos Singapore. The network brings together its members to promote cryptocurrency and provide financial solutions based on USDG stablecoins. The announcement noted that the Global Dollar Network aims to change the current stablecoin landscape by aligning with the needs of global enterprises and driving shared growth and innovation.
According to the press release, the main advantage of the Global Dollar Network is its ability to provide a stable currency that brings economic benefits to all partners, making it attractive to various market participants. Kraken CEO Arjun Sethi emphasized that the lack of competition in the stablecoin market has held back its potential. Sethi is convinced that the USDG stablecoin, by offering a fairer model, will be able to attract key players to the ecosystem and accelerate the emergence of new uses for stablecoins.
