Crypto big dogs assemble!

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What do Anchorage Digital, Robinhood, Galaxy Digital, Bullish, Kraken, Nuvei, and Paxos have in common? They’re teaming up to launch a new stablecoin called the Global Dollar.

What’s the deal with USDG?

The USDG stablecoin wants to simplify how stablecoins work and boost their adoption.

This new coin will be pegged 1:1 to the U.S. dollar and is designed to be compliant with the Monetary Authority of Singapore, the MAS. One of the standout features?

crypto

Nearly all revenue generated from its reserve assets will be used to reward network partners instead of lining the pockets of the issuer. Sounds like a win-win.

Starting November 5th, various sectors—including merchants, investment platforms, custodians, card networks, payment fintechs, banks, exchanges, and protocols—will be able to join the Global Digital Network. This network is all about supporting innovation in global money movement.

Broader adoption

The USDG is crafted to encourage and speed up global stablecoin adoption. Partners involved in this initiative will receive up to 100% of the returns generated from the assets backing USDG.

Unlike many existing stablecoins that fall short on consumer protection and industry standards, this network wants to leverage each partner’s strengths to create better financial solutions with the USDG token. They’re lifting the bar pretty high.

Nathan McCauley, CEO of Anchorage Digital highlighted that institutions have a lot to gain from the Global Dollar, as they’ll benefit from quicker cross-border and peer-to-peer transactions, earn rewards on their USDG deposits, and enjoy efficient trading options.

Plus, a network advisory committee made up of partners will guide the initiative to meet global enterprise demands while also supporting collaborative growth.

He emphasized that the Global Dollar Network is designed to return almost all rewards to participants and is open for anyone who wants to join.

“Stablecoins are replatforming the financial system and changing how people interact with U.S. dollars and payments.”

A real bridge between crypto and tradfi?

Many established stablecoins lack regulation and keep all reserve economics for themselves.

Arjun Sethi, Co-CEO of Kraken, added that without competition in the regulated stablecoin market, the industry hasn’t reached its full potential.

Johann Kerbrat from Robinhood believes that USDG will transform how people handle payments and interact with the U.S. dollar.

It’s expected to bridge traditional finance with cryptocurrencies for faster and more affordable transactions.

Tom Farley, CEO of Bullish, echoed this sentiment, stating that USDG is crucial for connecting traditional markets with crypto.

Paxos also noted that existing stablecoin issues have stifled innovation in the industry and created missed opportunities for custodians and exchanges looking for secure options.

Have you read it yet? Memecoins up, market down, why?

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