Crypto leaders have unveiled the Global Dollar Network, an open network designed to boost global stablecoin adoption. The network is a joint effort by Anchorage Digital, Bullish, Galaxy Digital, Kraken, Nuvei, Paxos, and Robinhood, and is aimed at addressing existing gaps in stablecoin reliability and enterprise adoption, which are often hindered by outdated practices and high costs impacting blockchain ecosystems.
The initiative introduces the Global Dollar (USDG), a new stablecoin issued by Paxos in Singapore, aligning with the Monetary Authority of Singapore’s upcoming regulations. USDG is designed to be a safer, compliant stablecoin, promising economic benefits for network participants. The Global Dollar Network aims to provide a more reliable and efficient way to move money across borders, as well as enable institutions to take advantage of the benefits of stablecoins, such as fast settlements, efficient trading, and potential rewards on deposits.
The network is open to various sectors, including custodians, exchanges, payment fintechs, merchants, protocols, card networks, banks, and investment platforms. USDG is currently available through Anchorage Digital, Galaxy Digital, Kraken, and Paxos platforms, with broader distribution to follow in the future.
DBS Bank, Southeast Asia’s largest bank, will serve as the primary banking partner for cash management and custody of USDG reserves. The launch of the Global Dollar Network comes at a time when stablecoins are gaining increasing attention in the world of finance. Nathan McCauley, CEO of Anchorage Digital, pointed out that stablecoins provide institutions with incredible opportunities, such as fast settlements, efficient trading, and potential rewards on deposits.
Arjun Sethi, Co-CEO of Kraken, highlighted that USDG’s entry into the market is disrupting the limited competitive landscape, paving the way for broader enterprise use. Charles Cascarilla, CEO of Paxos, emphasized the transformative potential of stablecoins in modern finance, with the network’s aim to return economic benefits to participants and drive global adoption.
Johann Kerbrat, from Robinhood, noted that stablecoins bridge traditional finance and crypto, enabling efficient, cost-effective transactions. The initiative aligns with Robinhood’s mission for inclusive financial access. The Global Dollar Network is another example of the growing interest in stablecoins and their potential to revolutionize the financial industry.
