Robinhood, Galaxy Digital and others collaborate to launch a global dollar network and support the stablecoin USDG

Anchorage Digital, Bullish, Galaxy Digital, Kraken, Nuvei, Paxos and Robinhood have collaborated to launch the Global Dollar Network. The network aims to accelerate the adoption of global stablecoins and incentivize new use cases for USDG, a stablecoin launched by Paxos on November 1.

According to a press release, blockchain infrastructure platform Paxos will issue USDG in accordance with regulations from the Monetary Authority of Singapore. Eligible entities (such as custodians, exchanges, payment technology companies and other financial sector entities) can join the Global Dollar Network by invitation. DBS Bank in Singapore will hold reserves for USDG. The token can be used on Ethereum and plans are underway to issue it on other blockchains in the near future.