New Stablecoin Launch and Key Partnerships
Paxos has introduced its latest stablecoin, the Global Dollar Network (USDG), developed in collaboration with major industry players, including Kraken, Robinhood, and Bullish. USDG aims to enhance stablecoin adoption by offering rewards to users and will initially be available on the Ethereum blockchain.DBS Bank's Role and Regulatory Compliance
DBS Bank, the largest bank in Southeast Asia, will manage USDG’s cash and custody operations, reinforcing its compliance with Singapore’s regulatory standards. Paxos has designed USDG to be backed by U.S. dollars, Treasury bonds, and other cash equivalents, aligning with the Monetary Authority of Singapore’s framework.Market Expansion and Industry Context
With the stablecoin market cap nearing $180 billion, USDG joins an expanding list of new stablecoin entrants, such as RLUSD by Ripple and USDS by Sky. Paxos CEO Charles Cascarilla stated that USDG is designed to “replatform the financial system” and return economic rewards to participants, positioning it as a promising tool for advancing global stablecoin use.
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