USDG (Global Dollar) Stablecoin

Main article: Stablecoins

History

2024: Product Release

On November 5, 2024, a number of large fintech companies and representatives of the crypto industry announced the launch of the Global Dollar Network and the new Global Dollar stablecoin (USDG). The goal of the project is to "accelerate the use of stablecoins on a global scale."

The initiative involves the Anchorage Digital crypto platform, a crypto exchange, Bullish a management company, Galaxy Digital an exchange, Kraken the Nuvei payment system, the issuer of the stablecoins USD PayPal (PYUSD) and Pax Dollar (USDP) company, Paxos as well as a trading platform. Robinhood Partners combine resources and expertise to expand real-world use cases for stablecoins. It is said that many of these do not cryptocurrencies meet the standards and requirements of the market, and their business models are outdated, which hinders the development of the industry and innovation, and also creates additional costs.

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Cryptos Newss

The Global Dollar Network is designed to solve existing problems. At the heart of the project is the USDG: it is said to be a "new, safe and reliable stablecoin." The first 10.7 million USDGs were issued on the Ethereum network. DBS Bank, which for years was considered Asia's safest bank by Global Finance, will handle USDG's cash management and reserve storage services.

The USDG is said to be designed as a single-currency stablecoin pegged to the US dollar. USDG trading began on four platforms - Anchorage Digital, Galaxy Digital, Kraken and Paxos. The Global Dollar Network accepts applications from potential interested partners from different sectors, including exchanges, payment companies, banks and investment platforms. The project is supposed to revolutionize the market by offering a reliable stablecoin that provides proportional economic benefits to all participants.^[1]

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