Crypto firms including Robinhood, Kraken launch global stablecoin network
By Hannah Lang
(Reuters) – A consortium of financial technology and cryptocurrency companies including Robinhood, Kraken and Galaxy Digital on Monday introduced a joint stablecoin pegged to the U.S. dollar.
The aim of the newly formed Global Dollar Network is to accelerate usage of stablecoins worldwide and promote an asset that provides proportionate economic benefits to its partners, the companies said.
WHY IT’S IMPORTANT
Stablecoins are digital tokens designed to keep a constant value. They are backed by traditional currencies such as the U.S. dollar or euro.
As cryptocurrencies like bitcoin have rocketed in value this year thanks to forecasts for lower U.S. interest rates and the introduction of new crypto exchange-traded products, more…
