Paxos Launches Open Network for Stablecoin USDG Global Dollar Network
Stablecoin issuer Paxos collaborates with Anchorage Digital, Bullish, Galaxy Digital, Kraken, Nuvei, and Robinhood to launch the new stablecoin network, Global Dollar Network, centered around the newly Singapore-regulated stablecoin, USDG, as its core development.
The star-studded Global Dollar Network
According to its press release, the Global Dollar Network is an open network aimed at accelerating the worldwide use of stablecoins. Initial partners such as Anchorage Digital, Bullish, Galaxy Digital, Kraken, Nuvei, Paxos, and Robinhood are pooling resources and expertise to increase stablecoin adoption and expand its real-world applications. Custodians, exchanges, payment fintech companies, merchants, protocols, credit card companies, banks, and investment platforms are all welcome to join this network to support innovation in global money movement. However, at this stage, it is only open to qualified participants.
Paxos emphasizes that many current stablecoins do not meet the standards and consumer protection requirements demanded by global enterprises. Additionally, outdated business models impose high costs on the blockchain ecosystem. The Global Dollar Network is attempting to change the market by providing a trustworthy stablecoin, offering corresponding economic benefits to all partners.
Paxos expands stablecoin offerings outside the United States
As a professional stablecoin issuer, Paxos has collaborated with Binance to issue BUSD and with PayPal to launch PayPal USD (PYUSD), as well as Pax Dollar (USDP) on Solana.
Outside the United States, Paxos’s UAE-based subsidiary, Paxos International, launched a yield-bearing stablecoin – Lift Dollar (USDL) in June. USDL is issued by Paxos International, a regulated entity under the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM), and is available to qualified consumers in the global market. Using Ethereum smart contracts, it distributes its reserve-generated yield to eligible wallet addresses daily.
(Paxos issues yield-bearing stablecoin USDL, with reserve earnings automatically distributed to wallets daily)
USDG development under Singapore regulation
Following the United States and the United Arab Emirates, Singapore becomes the third market where Paxos and its affiliates are authorized to issue stablecoins.
Paxos recently announced the launch of a new stablecoin, USDG, backed by the US dollar, following the stablecoin framework introduced by the Monetary Authority of Singapore (MAS) in August 2023 and approved by MAS in July of the same year. It has been issued on Ethereum, with DBS Bank, the largest bank in Southeast Asia by assets, responsible for cash management and the custody of USDG reserves.
(PAXOS partners again with DBS to launch new stablecoin USDG, pushing stablecoin development)
The collaboration of the Global Dollar Network with several industry leaders also highlights Paxos’s attempt to establish a unique niche market in Singapore after the failure of BUSD, distinguishing itself from other stablecoin giants Tether and Circle.
