New Global Dollar Network Project Aims to Accelerate Global Stablecoin Adoption

A group of major traditional financial and crypto companies teamed up to support the Global Dollar Network project, which aims to accelerate the global adoption of stablecoins.

Representatives from Paxos announced the launch of the Global Dollar Network project supported by Robinhood, Galaxy Digital, Kraken, Anchorage Digital, Nuvei, and Bullish. The new project is an open, regulatory compliant network designed to accelerate the global adoption of stablecoins. 

The Global Dollar Network is based on the USDG stablecoin, which Paxos officials announced less than a week ago. Through an open infrastructure, the plan is to develop crypto and more global financial solutions using USDG.

Companies from various sectors of the financial and crypto industries, custodians, exchanges, payment tech providers, FinTech firms, traders, DeFi protocols, card networks, banks, and investment platforms are invited to participate in the project. The authors intend to work together to develop innovations in the financial sector and, in particular, to expand real-world scenarios for the use of stablecoins. 

Charles Cascarilla, CEO and Co-Founder of Paxos, said in a press release that thanks to stablecoins, the financial system is evolving and changing the user experience in payments and interaction with the U.S. dollar. In his opinion, the main barrier to wider stablecoin adoption is regulatory issues, which are expected to be addressed by the Global Dollar Network. 

Moreover, according to Johann Kerbrat, GM and VP of Robinhood Crypto, stablecoins can act as a bridge between traditional finance and cryptocurrencies due to the fact that they allow for fast, cheap, and efficient transactions. 

The importance of stablecoins in supporting demand for government securities was noted during a recent meeting of members of the U.S. Department of the Treasury’s Borrowing Advisory Committee.