Dollar

Galaxy

Global Dollar

Coin

The Global Dollar (USDG) stablecoin, developed through the collaboration of seven leading crypto firms, is set to transform the stablecoin sector. Tied 1:1 to the U.S. dollar, USDG introduces a new approach by redistributing most of its reserve income back to the network’s participants. This model not only allows participants to earn but also aims to promote global adoption of stablecoins. 
<a href="https://www.qubetics.com/?utm_source=TBJ&amp;utm_medium=postBANNER" target="_blank" rel="noopener nofollow"><img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-51679 aligncenter" src="https://thebitjournal.b-cdn.net/wp-content/uploads/2024/10/Qubetics-is-728x90-1-3.jpg" alt="Seven Crypto Giants Unite to Launch New Coin: Here’s Why! = The Bit Journal" width="728" height="90" title="Seven Crypto Giants Unite to Launch New Coin: Here’s Why! 43"></a> 
<h2 id="a-new-coin-shakes-up-the-market">A New Coin Shakes Up the Market</h2> 
Prominent crypto firms, including Anchorage Digital, Robinhood, Galaxy Digital, Bullish, Kraken, Nuvei, and Paxos, have teamed up to launch USDG, a stablecoin that could simplify and speed up stablecoin adoption. Designed to comply with the Monetary Authority of Singapore’s (MAS) regulations, USDG is pegged directly to the U.S. dollar. What makes USDG especially unique is its revenue-sharing model: nearly 100% of the reserve income is distributed back to the network’s partners, creating shared profitability rather than centralizing it with the issuing entity. 
<h2 id="open-source-technology-and-global-adoption">Open-Source Technology and Global Adoption</h2> 
USDG will serve as an open-source foundation for smart contracts, allowing developers to create innovative financial products and services. From November 5, businesses across sectors—including trading platforms, banks, <a href="https://thebitjournal.com/hong-kong-virtual-asset-and-cbdc-integration/" target="_blank" rel="noopener">fintechs</a>, and crypto exchanges—will have access to this new network, supporting global transactions and helping drive a financial revolution. 
<img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-66525 aligncenter" src="https://thebitjournal.b-cdn.net/wp-content/uploads/2024/11/image-26.png" alt="Seven Crypto Giants Unite to Launch New Coin: Here’s Why! = The Bit Journal" width="668" height="440" title="Seven Crypto Giants Unite to Launch New Coin: Here’s Why! 44"> 
<h2 id="will-this-stablecoin-start-a-revolution">Will This Stablecoin Start a “Revolution”?</h2> 
Introduced by the Global Digital Network, USDG’s goal is to spark a stablecoin transformation within the crypto space by encouraging widespread adoption. By returning up to 100% of reserve income to its partners, USDG hopes to foster trust and attract a broader user base. According to experts, many existing stablecoins fail to meet user security and industry standards, but USDG’s collaborative model may offer user-friendly financial solutions that address these challenges. 
Anchorage Digital CEO Nathan McCauley highlighted the cross-border payment potential of USDG and the ability for depositors to earn on their holdings. The Global Dollar Network will be managed by an advisory committee dedicated to ensuring that the platform meets industry needs, driving growth through collaboration. McCauley believes USDG presents an essential opportunity for institutional users. 
Paxos CEO Charles Cascarilla emphasized how stablecoins like USDG are reshaping financial systems and revolutionizing interactions with the U.S. dollar. Kraken co-CEO Arjun Sethi pointed out the lack of competition in the regulated stablecoin market and sees USDG as a strong model to address this gap. Robinhood Crypto’s General Manager Johann Kerbrat also praised USDG for its potential to make payment processes faster, cost-effective, and more efficient. 
Stay tuned to The Bit Journal for the latest updates on USDG and its impact on the stablecoin market. 
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Seven Crypto Giants Unite to Launch New Coin: Here’s Why!

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The Bit Journal

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