Robinhood, Kraken, and Paxos are launching a global dollar network to support the USDG stablecoin, backed by the US dollar 💵. The new project aims to increase competition in the stablecoin market dominated by Tether and USD Coin 🌐

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Robinhood, Kraken, and Paxos have created a Global Dollar Network to accelerate the adoption of stablecoins. On November 5, Paxos announced the launch of the USDG stablecoin, backed 1:1 by the US dollar and managed by DBS Bank in Singapore.

USDG will be available on other blockchains as legislation changes, and custodial companies and fintech firms can join the network by invitation. The new stablecoin aims to increase competition in a market dominated by Tether and USD Coin.

This material was prepared by Khachatur Davtyan, developed and translated by artificial intelligence.

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