Dollar

Major

Global Dollar

Major crypto firms united to introduce the Global Dollar (USDG) stablecoin, which will streamline the stablecoin landscape and accelerate adoption. The USDG will use nearly 100% of the revenue generated from its reserve assets to reward network partners rather than the issuer.
The MAS-compliant single-currency stablecoin (SCS) pegged to the U.S. dollar on a 1:1 basis will be used as an interoperable building block for open-source smart contracts to enable developers to create new products and services with USDG. Starting November 5th, additional cross-sectoral users, including merchants, investment platforms, custodians, card networks, payment fintech, banks, exchanges, and protocols, will be able to join the Global Digital Network to support global money movement innovation.
<h3 id="span-style-font-weight-400-the-new-usdg-token-aims-to-reshape-stablecoin-adoption-span">The new USDG token aims to reshape stablecoin adoption&nbsp;</h3>
<blockquote class="twitter-tweet" data-conversation="none" data-theme="dark">
 [4/4] Global Dollar Network will revolutionize the stablecoin market by offering a solution where partners can receive up to 100% of the returns generated by assets backing USDG held on platform.
 Join the new frontier: <a href="https://t.co/RwFa3PmihB" rel="noopener noreferrer nofollow" target="_blank">https://t.co/RwFa3PmihB</a>
 — Global Dollar Network (@global_dollar) <a href="https://twitter.com/global_dollar/status/1853559351144862010?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">November 4, 2024</a>
</blockquote>
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According to the Global Digital Network, the USDG is <a href="https://globaldollar.com/network" rel="noopener noreferrer nofollow" target="_blank">designed</a> to reward and accelerate global stablecoin adoption. Partners will receive up to 100% of the returns generated from assets backing the USDG held on the platform. Unlike many stablecoins that fall short of meeting consumer protection and industry-standard requirements, the network will leverage the strengths of each of its partners to incentivize broader financial solutions involving the USDG token.
Nathan McCauley, the CEO of Anchorage Digital, emphasized that institutions would have many opportunities with the Global Dollar (USDG). The institutions would be able to effect faster cross-border and peer-to-peer settlements, get the chance to earn rewards on USDG deposits, and have efficient trading capabilities. The Global Dollar Network will be directed by a network advisory committee with partner representation to offer solutions meeting the stringent global enterprise demands while promoting collaborative innovation and growth.
<blockquote>
 “Stablecoins are replatforming the financial system and revolutionizing how people interact with US dollars and payments…Global Dollar Network will return virtually all rewards to participants and is open for anyone to join. It is designed to incentivize global stablecoin usage and accelerate societal wide adoption of this technology.”
 –<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/" rel="noopener noreferrer nofollow" target="_blank">Charles Cascarilla</a>, CEO and Co-founder at Paxos
</blockquote>
Cascarilla affirmed that most of the established stablecoins were unregulated and retained all the reserve economics. Arjun Sethi, Kraken’s Co-CEO, added that the lack of competition in the regulated stablecoin market prevented the industry from reaching its full potential.
<h3 id="span-style-font-weight-400-the-usdg-equitable-model-to-accelerate-new-stablecoin-use-cases-span">The USDG equitable model to accelerate new stablecoin use cases</h3>
According to Johann Kerbrat, the GM and VP of Robinhood Crypto, the USDG would re-platform the financial system and revolutionize how people interact with payments and the U.S. dollar. The USDG will be expected to bridge traditional finance and cryptocurrencies to enable faster, lower-cost, and more efficient transactions.
Tom Farley, the CEO of Bullish, echoed Kerbrat’s sentiments, saying that the USDG would be essential in bridging the gap between traditional markets and crypto. Paxos reiterated that stablecoin shortcomings hindered overall industry innovation and represented lost opportunities for custodians, investment platforms, and exchanges seeking low-cost, and secure stablecoin options. The USDG will provide proportionate financial benefits to all partners.&nbsp;
While the Global Dollar Network was currently in an invite-only phase, it would soon be open to anyone meeting specified conditions.

Seven crypto giants launch Global Dollar (USDG) to accelerate stablecoin adoption

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