Anchorage Digital, Bullish, Galaxy Digital, Kraken, Nuvei, Paxos and Robinhood partner to introduce Global Dollar Network

Anchorage Digital, Bullish, Galaxy Digital, Kraken, Nuvei, Paxos and Robinhood have partnered to introduce the Global Dollar Network.

The network aims to accelerate stablecoin adoption worldwide and to incentivize new use cases for the stablecoin USDG launched on Nov. 1. 

The blockchain infrastructure platform Paxos will issue USDG out of Singapore in compliance with the nation's Monetary Authority, according to a release shared with The Block. Qualified entities such as custodians, exchanges, payment technology firms and others in the financial sector can join the Global Dollar Network via invite.

"The lack of competition in the regulated stablecoin market has prevented the industry from reaching its full potential," said Kraken Co-CEO Arjun Sethi in a statement. "USDG upends this dynamic with a more equitable model that will bring mainstream participants into the ecosystem and accelerate new stablecoin use cases."

Singapore banking giant DBS Bank will custody USDG reserves. The token is available on Ethereum with plans for issuance on other blockchains in the near future. 

USDG faces competition in the Ethereum-based stablecoin market, where USDT assumes over 58% of the total supply, The Block's Data Dashboard shows.