Several cryptocurrency exchanges like Anchorage Digital, Bullish, Galaxy Digital, Kraken, Nuvei, Paxos, and Robinhood launched the Global Dollar Network on Tuesday.
According to an official statement, this collaborative initiative aims to accelerate the global adoption of stablecoin. This open network invites leaders across various sectors to join, including payment fintechs, custodians, and exchanges. The goal is to foster innovation and create real-world use cases for stablecoins.
Addressing Challenges in the Stablecoin Market
Most of the existing stablecoins fail to meet global enterprise standards, making the quest for reliable options imperative to institutions. These barriers are further increased when business models are outdated.
High costs within blockchain ecosystems deter adoption. This limits innovation and opportunities for financial service providers. The Global Dollar Network seeks to change this. The initiative introduces a stablecoin model that offers economic benefits to participants.