Several Major Crypto Firms Launch a New Dollar-Pegged Stablecoin Project ($USDG)
Seven crypto and fintech companies announced the formation of a new stablecoin project called Global Dollar Network on November 4, 2024. The founding members are cryptocurrency custodian Anchorage Digital, crypto exchange Bullish, trading firm Galaxy Digital, crypto exchange Kraken, payments company Nuvei, regulated blockchain infrastructure provider Paxos, and retail trading platform Robinhood.
According to the press release issued by Paxos, the network’s stablecoin, called Global Dollar (USDG), will be issued in Singapore by Paxos. USDG is designed as a single-currency stablecoin pegged to the US dollar, with Paxos offering one-to-one redemption for US dollars. The project claims it will comply…
