PANews reported on November 5 that according to CoinDesk, Paxos has joined forces with crypto giants such as Robinhood, Kraken, and Galaxy Digital to launch a new stablecoin "Global Dollar" (USDG), with the goal of promoting the widespread use of the stablecoin through profit distribution. USDG is issued by Paxos in Singapore and complies with the stablecoin framework requirements to be introduced by the Monetary Authority of Singapore.
The project is called the Global Dollar Network, and its original partners include Anchorage Digital, Bullish, Nuvei, Paxos, etc. Unlike other stablecoins that retain all reserve interest, USDG returns the proceeds generated by the reserves to network partners, incentivizing them to enhance the liquidity and connectivity of the network. DBS Bank will serve as the primary banking partner, responsible for cash management and custody of USDG reserves.
“This is really a community token,” said Charles Cascarilla, CEO of Paxos. “Anyone can join the global dollar network and earn rewards through activity. We distribute about 97% of the economic benefits. This is very different from the way other stablecoins have been built and created to date.”
