{"id":40799,"date":"2024-11-05T12:08:01","date_gmt":"2024-11-05T12:08:01","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/crypto-firms-launch-the-global-dollar-stablecoin-to-boost-adoption\/"},"modified":"2024-11-05T12:08:01","modified_gmt":"2024-11-05T12:08:01","slug":"crypto-firms-launch-the-global-dollar-stablecoin-to-boost-adoption","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/crypto-firms-launch-the-global-dollar-stablecoin-to-boost-adoption\/","title":{"rendered":"Crypto firms launch the Global Dollar stablecoin to boost adoption"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Crypto News, Altcoin News and Cryptocurrency Comparison )<\/b><br \/>\n<\/p>\n<div data-site=\"CoinJournal\">\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\" data-site=\"CoinJournal\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/06\/1686671591712-500e70e5-bf6d-4a43-a8ab-9e3a7d452e33-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/06\/1686671591712-500e70e5-bf6d-4a43-a8ab-9e3a7d452e33-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/06\/1686671591712-500e70e5-bf6d-4a43-a8ab-9e3a7d452e33-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/06\/1686671591712-500e70e5-bf6d-4a43-a8ab-9e3a7d452e33-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/>\n<\/picture>                    <\/div>\n<ul>\n<li aria-level=\"1\">The Global Dollar is issued out of Singapore by Paxos and is \u201csubstantially compliant\u201d with the MAS<\/li>\n<li aria-level=\"1\">Tether\u2019s USDT stablecoin accounts for more than 75% of the market<\/li>\n<li aria-level=\"1\">Kraken\u2019s co-founder said there is a \u201clack of competition\u201d in the stablecoin market<\/li>\n<\/ul>\n<p>A group of cryptocurrency and financial technology companies have introduced a joint stablecoin, the Global Dollar (USDG), to accelerate global stablecoin adoption.<\/p>\n<p>Initial partners of the Global Dollar Network include Anchorage Digital, Bullish, Galaxy Digital, Kraken, Nuvei, Paxos, and Robinhood. According to an <a href=\"https:\/\/paxos.com\/blog\/introducing-global-dollar-network-an-open-network-to-accelerate-and-reward-global-stablecoin-adoption-driven-by-anchorage-digital-bullish-galaxy-digital-kraken-nuvei-paxos-and-robinhood\/\" target=\"_blank\" rel=\"noopener\">announcement<\/a> from <a href=\"https:\/\/coinjournal.net\/search\/paxos\">Paxos<\/a>, the Global Network is \u201crevolutionizing\u201d the stablecoin market with a \u201ctrusted stablecoin that provides proportionate economic benefits to all partners.\u201d<\/p>\n<p>Pegged to the US dollar, the USDG stablecoin is issued out of Singapore by Paxos and is \u201csubstantially compliant\u201d with the Monetary Authority of Singapore\u2019s upcoming stablecoin framework, the announcement noted.<\/p>\n<p>The introduction of the USDG stablecoin comes at a time when <a href=\"https:\/\/coinjournal.net\/search\/tether\">Tether\u2019s<\/a> USDT and Circle\u2019s <a href=\"https:\/\/coinjournal.net\/search\/usdc\">USDC<\/a> stablecoins make up a majority of the stablecoin market. In September, it was reported that <a href=\"https:\/\/coinjournal.net\/news\/tethers-usdt-stablecoin-market-share-rises-to-over-75\/\">USDT accounted for more than 75%<\/a>.<\/p>\n<h2>More competition needed<\/h2>\n<p>It\u2019s this \u201clack of competition\u201d in the stablecoin market that\u2019s stopping the \u201cindustry from reaching its full potential,\u201d according to Arjun Sethi, Co-CEO at Kraken.<\/p>\n<p>\u201cUSDG upends this dynamic with a more equitable model that will bring mainstream participants into the ecosystem and accelerate new stablecoin use cases, \u201cSethi added.<\/p>\n<p>Charles Cascarilla, CEO and co-founder of Paxos, said that stablecoins are changing \u201chow people interact with US dollars and payments,\u201d adding:<\/p>\n<p>\u201cHowever, the leading stablecoins are unregulated and retain all the reserve economics. Global Dollar Network will return virtually all rewards to participants and is open for anyone to join.\u201d<\/p>\n<blockquote>\n<p>\u201cIt is designed to incentivize global stablecoin usage and accelerate societal-wide adoption of this technology.\u201d<\/p>\n<\/blockquote>\n<p>Users of Anchorage Digital, Galaxy Digital, Kraken, and Paxos can get USDG right away; however, USDG will soon be available across all named distribution partners. DBS Bank, Southeast Asia\u2019s largest bank, will serve as the primary banking partner at launch for cash management and custody of USDG reserves.<\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><a href=\"https:\/\/coinjournal.net\/news\/crypto-firms-launch-the-global-dollar-stablecoin-to-boost-adoption\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Crypto News, Altcoin News and Cryptocurrency Comparison ) The Global Dollar is issued out of Singapore by Paxos and is \u201csubstantially compliant\u201d with the MAS Tether\u2019s USDT stablecoin accounts for more than 75% of the market Kraken\u2019s co-founder said there is a \u201clack of competition\u201d in the stablecoin market [&hellip;]<\/p>\n","protected":false},"author":3947362367,"featured_media":40800,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/40799"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/3947362367"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=40799"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/40799\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/40800"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=40799"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=40799"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=40799"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}