Robinhood, Galaxy Digital and others cooperate to launch global dollar network and support stablecoin USDG

Odaily News Anchorage Digital, Bullish, Galaxy Digital, Kraken, Nuvei, Paxos and Robinhood have partnered to launch the Global Dollar Network. The network aims to accelerate the adoption of global stablecoins and incentivize new use cases for Paxos stablecoin USDG, which was launched on November 1. According to a press release, blockchain infrastructure platform Paxos will issue USDG locally in accordance with regulations of the Monetary Authority of Singapore. Eligible entities such as custodians, exchanges, payment technology companies and other entities in the financial sector can join the Global Dollar Network by invitation. Singapore banking giant DBS Bank will host USDG reserves. The token is available on Ethereum and is planned to be issued on other blockchains in the near future. (The Block)