Global Dollar Network Launches New Stablecoin USDG

A consortium of leading fintech and cryptocurrency firms, including Robinhood, Kraken, and Galaxy Digital, has launched the Global Dollar Network, aimed at promoting the adoption of a new stablecoin called USDG, which is pegged to the US dollar. This initiative is designed to address existing challenges in the stablecoin market, such as high transaction costs and limited consumer protections, while providing yield on reserve assets to participants. USDG will be governed by a committee of network partners and is issued by Paxos under Singapore's regulatory framework. As stablecoins gain traction amid growing regulatory scrutiny, the Global Dollar Network hopes to offer a competitive alternative to dominant players like Tether and USD Coin. The network will also facilitate partnerships with custodians, exchanges, and financial institutions to encourage wider usage of USDG. Paxos CEO Charles Cascarilla highlighted the initiative's potential to