Robinhood and Kraken Launch New Global Stablecoin Network with Paxos USDG
Key receivers
The Global Dollar Network promotes stable coin adoption using Paxos USDG. Robinhood, Kraken and other major players collaborate on cross-border stablecoin solutions.
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Leading fintech and digital asset organizations have launched the Global Dollar Network, focused on promoting stablecoin adoption and advancing its real-world applications, Paxos said in a press release.
The initiative brings together major industry players including Anchorage Digital, Bullish, Galaxy Digital, Kraken, Nuvi, Paxos and Robinhood.
The network will use Paxos' new stablecoin, the Global Dollar (USDG), which is a monetary authority that complies with Singapore's upcoming stablecoin framework.
USDG is designed to return the yield on reserve assets to participants who commit to its adoption, encouraging crypto and financial solutions using the token.
The Global Dollar Network aims to address shortcomings in the stable coin market, such as high transaction costs and limited consumer protection.
“USDG will increase the flexibility in the regulated stablecoin market,” said Kraken Co-CEO Arjun Sethi, emphasizing that USDG offers a more equitable model that can attract broad institutional and mainstream participation.
The network has opened an invitation-only stage for selected custodians, exchanges, payment processors, merchants and banks to develop new solutions using USDG.
“Instant peer-to-peer and cross-border transactions and the ability to earn rewards on stablecoin deposits,” said Anchorage Digital CEO Nathan Macauley, are key benefits for institutions.
Southeast Asia's largest bank, DBS Bank, provides cash management and custody services for USDG stock.
Initial distribution is available on the Anchorage Digital, Galaxy Digital, Kraken and Paxos platforms, with plans to expand access to additional partners in the coming months.
Paxos CEO Charles Cascarla emphasized the network's role in “transforming the financial system” and encouraging enterprises to integrate stablecoins into their business models.
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