Kraken
November 5, 2024
Kraken Unicorn News - November 05, 2024
Kraken, in collaboration with major crypto firms like Anchorage Digital and Galaxy Digital, has launched the Global Dollar Network. This new initiative introduces USDG, a stablecoin aimed at enhancing global stablecoin adoption and utility, compliant with regulatory frameworks.
() Introduction
() Kraken and Other Major Crypto Players Launch Global Dollar Network with New Stablecoin USDG
A coalition of prominent financial and digital asset firms, including Kraken, Anchorage Digital, Bullish, Galaxy Digital, Nuvei, Paxos, and Robinhood, has unveiled the Global Dollar Network. This initiative is designed to promote the global adoption of stablecoins, introducing a new stablecoin called USDG, which is issued by Paxos from Singapore. The Global Dollar Network aims to not only expand the use of stablecoins but also to enhance their functionality by offering yields to network participants, thereby encouraging their utilization. USDG is structured to comply with the Monetary Authority of Singapore's forthcoming stablecoin framework, ensuring that it meets regulatory standards for security and compliance. Additionally, the network intends to share the income generated from USDG's reserves with its partners, such as Kraken, fostering a community-centric model. This approach rewards participants for activities that boost the utility and adoption of USDG, facilitating the integration of stablecoins into the broader financial ecosystem. This development represents a significant advancement in the digital asset sector, underscoring the increasing role of stablecoins in global finance.
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