The stablecoin issuer Paxos partnered with the crypto exchange Kraken, the retail trading giant Robinhood and a handful of other digital asset firms to launch a new stablecoin network for enterprises.
The new “Global Dollar Network” is an open network that aims to increase stablecoin usage around the globe, according to a new press release from Paxos.
The new network’s native stablecoin is the Global Dollar (USDG), which Paxos issues out of Singapore. The stablecoin firm notes that the asset is designed for enterprises and will be compliant with the Monetary Authority of Singapore’s upcoming stablecoin framework.
Explains Charles Cascarilla, the chief executive and co-founder of Paxos,
“Stablecoins are replatforming the financial system and revolutionizing how people interact with US dollars and payments. However, the leading stablecoins are unregulated and retain all the reserve economics. Global Dollar Network will return virtually all rewards to participants and is open for anyone to join. It is designed to incentivize global stablecoin usage and accelerate societal-wide adoption of this technology.”
The crypto investment giant Galaxy Digital, the digital asset infrastructure provider Anchorage Digital, the exchange Bullish and the payment tech firm Nuvei also serve as partners on the project.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
Click Here to Read the Full Original Article at The Daily Hodl…
