The broad adoption of
cryptocurrencies
requires the expansion of stablecoin usage. A significant step has been taken in this domain. A new initiative involving several major players may create substantial impact.
What is USDG?
Anchorage Digital, Bullish, Galaxy Digital, Kraken, Nuvei, Paxos, and Robinhood have partnered to introduce a new stablecoin called the Global Dollar Network. This initiative marks the beginning of a new process that unites the power of many giants to promote global stablecoin adoption.
Paxos will issue the
token
in accordance with regulations, while custodians, exchanges, payment technology firms, and other major players in the financial sector will be able to join the network. Arjun Sethi, Co-CEO of Kraken, stated:
Singapore’s banking giant DBS Bank will serve as the custodian of the stablecoin’s reserves. Although USDG will initially be available on the Ethereum
$
2,393
network, it aims to expand to as many networks as possible swiftly.
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Disclaimer:
The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
