TechFlow News, November 5 — According to The Block, Anchorage Digital, Bullish, Galaxy Digital, Kraken, Nuvei, Paxos, and Robinhood have partnered to launch the Global Dollar Network.
The network aims to accelerate global stablecoin adoption and incentivize new use cases for USDG, the stablecoin launched by Paxos on November 1.
According to a press release, blockchain infrastructure platform Paxos will issue USDG locally in Singapore under regulations set by the Monetary Authority of Singapore (MAS). Eligible entities—such as custodians, exchanges, payment technology firms, and other financial institutions—can join the Global Dollar Network by invitation.
Singaporean banking giant DBS Bank will serve as the custodian for USDG reserves. The token is available on Ethereum and is planned to be issued on additional blockchains in the near future.
