New Global Dollar Stablecoin Backed by Robinhood, Kraken, Paxos and Other Crypto Heavies
A new regulation-focused stablecoin, the Global Dollar (USDG), is backed by major cryptocurrency firms including Anchorage Digital, Bullish, Galaxy Digital, Kraken, Nuvei, Paxos, and Robinhood. Issued by Paxos in Singapore, USDG complies with the Monetary Authority of Singapore's upcoming stablecoin framework. The stablecoin aims to distribute 97% of its economic benefits to participants who promote its adoption, contrasting with existing stablecoins like Tether and Circle, which retain all interest from reserves. Income from USDG's reserves, primarily U.S. Treasuries, will be shared among participants based on their contributions to network growth. DBS Bank will act as the primary banking partner for cash management and custody of USDG reserves.
