CandleFocus New Global Dollar Stablecoin Backed by Robinhood, Kraken, Paxos and Other Crypto Heavies
2024-11-05
Author: Content Editor
A group of major players in the cryptocurrency industry, including Paxos, Kraken, Robinhood, and Galaxy Digital, are supporting the launch of a new stablecoin called Global Dollar (USDG). The USDG stablecoin, issued by Paxos out of Singapore, aims to conform with Singapore's stablecoin framework. Unlike other stablecoins, USDG plans to distribute a significant portion of the yield earned on its reserve assets to participants who contribute to its adoption. The initial partners in the Global Dollar Network will receive income generated from USDG reserves. The stablecoin will be available in the U.S. through distribution partners such as Anchorage, which operates in 48 states. DBS Bank will serve as the primary banking partner for cash management and custody of USDG reserves.
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