Some of the largest forces in crypto and digital assets are coming together to build a new network for stablecoins.
What’s happening:
- Blockchain infrastructure platform Paxos has launched the Global Dollar Network which is aiming to accelerate the adoption of stablecoin technology
The big idea:
- The Global Dollar Network has issued a new stablecoin known as USDG that is fully compliant with regulators and is purpose built to be integrated with large financial platforms, trading exchanges and brokerages
- Paxos is aiming to be a first mover in bringing stablecoins into highly regulated financial markets and enabling seamless cross border transactions that are fully compliant
Why it matters:
- The Global Dollar Network is launching with multiple highly important partners, including Anchorage Digital, Bullish, Galaxy Digital (TSX: GLXY) and Robinhood (NASDAQ: HOOD)
- The pursuit of stablecoin dominance has begun to go to new levels recently, with Stripe notably making waves with a billion dollar buyout of stablecoin technology company Bridge
Going deeper:
- Existing users of Anchorage Digital, Kraken and Galaxy Digital will be able to access USDG immediately and begin using it for global transactions and payments
The intrigue:
- Paxos was one of the technology partners behind PayPal’s (NASDAQ: PYPL) launch of their very own stablecoin, which has since experienced huge levels of adoption from users and integrated onto low fee blockchains such as Solana
