Introducing Global Dollar Network - An open network to accelerate and reward global stablecoin adoption driven by Anchorage Digital, Bullish, Galaxy Digital, Kraken, Nuvei, Paxos and Robinhood
Leading fintech and digital asset companies have launched the Global Dollar Network, an open network aimed at accelerating worldwide stablecoin adoption. The initiative, led by Anchorage Digital, Bullish, Galaxy Digital, Kraken, Nuvei, Paxos, and Robinhood, introduces USDG, a new stablecoin issued from Singapore by Paxos that complies with MAS's upcoming stablecoin framework. The network is designed to provide proportionate economic benefits to all partners and revolutionize the stablecoin market by addressing current limitations in enterprise adoption. DBS Bank will serve as the primary banking partner for cash management and USDG reserves custody.
Le principali aziende fintech e di asset digitali hanno lanciato il Global Dollar Network, una rete aperta volta ad accelerare l'adozione globale delle stablecoin. L'iniziativa, guidata da Anchorage Digital, Bullish, Galaxy Digital, Kraken, Nuvei, Paxos e Robinhood, presenta USDG, una nuova stablecoin emessa a Singapore da Paxos, che è conforme al prossimo framework sulle stablecoin della MAS. La rete è progettata per fornire benefici economici proporzionati a tutti i partner e rivoluzionare il mercato delle stablecoin affrontando le attuali limitazioni nell'adozione da parte delle imprese. DBS Bank agirà come principale partner bancario per la gestione dei contanti e la custodia delle riserve di USDG.
Las principales empresas fintech y de activos digitales han lanzado la Global Dollar Network, una red abierta destinada a acelerar la adopción global de stablecoins. La iniciativa, liderada por Anchorage Digital, Bullish, Galaxy Digital, Kraken, Nuvei, Paxos y Robinhood, presenta USDG, una nueva stablecoin emitida en Singapur por Paxos que cumple con el próximo marco de stablecoins de la MAS. La red está diseñada para proporcionar beneficios económicos proporcionales a todos los socios y revolucionar el mercado de stablecoins abordando las limitaciones actuales en la adopción empresarial. DBS Bank será el principal socio bancario para la gestión de efectivo y la custodia de reservas de USDG.
주요 핀테크 및 디지털 자산 회사들이 전 세계적으로 스테이블코인 채택을 가속화하기 위한 공개 네트워크인 Global Dollar Network를 출범했습니다. Anchorage Digital, Bullish, Galaxy Digital, Kraken, Nuvei, Paxos 및 Robinhood가 주도하는 이 이니셔티브는 Paxos가 싱가포르에서 발행한 새로운 스테이블코인 USDG를 소개하며, 이는 MAS의 곧 발표될 스테이블코인 프레임워크를 준수합니다. 이 네트워크는 모든 파트너에게 비례적인 경제적 이익을 제공하고 기업 채택의 현재 한계를 해결함으로써 스테이블코인 시장을 혁신하기 위해 설계되었습니다. DBS 은행은 현금 관리 및 USDG 준비금 보관을 위한 주요 은행 파트너 역할을 합니다.
Les principales entreprises de fintech et d'actifs numériques ont lancé le Global Dollar Network, un réseau ouvert visant à accélérer l'adoption mondiale des stablecoins. L'initiative, dirigée par Anchorage Digital, Bullish, Galaxy Digital, Kraken, Nuvei, Paxos et Robinhood, introduit USDG, une nouvelle stablecoin émise à Singapour par Paxos, qui respecte le prochain cadre régissant les stablecoins de la MAS. Le réseau est conçu pour offrir des avantages économiques proportionnels à tous les partenaires et révolutionner le marché des stablecoins en répondant aux limitations actuelles de l'adoption par les entreprises. La DBS Bank servira de principal partenaire bancaire pour la gestion des liquidités et la garde des réserves USDG.
Führende Fintech- und Digital-Asset-Unternehmen haben das Global Dollar Network ins Leben gerufen, ein offenes Netzwerk, das darauf abzielt, die weltweite Akzeptanz von Stablecoins zu beschleunigen. Die Initiative, die von Anchorage Digital, Bullish, Galaxy Digital, Kraken, Nuvei, Paxos und Robinhood geleitet wird, führt USDG ein, eine neue Stablecoin, die von Paxos in Singapur ausgegeben wird und die bevorstehenden Stablecoin-Richtlinien der MAS einhält. Das Netzwerk ist darauf ausgelegt, allen Partnern proportionale wirtschaftliche Vorteile zu bieten und den Stablecoin-Markt durch die Überwindung der gegenwärtigen Einschränkungen bei der Unternehmensakzeptanz zu revolutionieren. Die DBS Bank wird der Hauptbankpartner für die Bargeldverwaltung und die Verwahrung der USDG-Reserven sein.
- Creation of a regulated stablecoin compliant with Singapore's regulatory framework
- Partnership with DBS Bank, Southeast Asia's largest bank, for cash management
- Broad institutional support from major financial players
- Revenue sharing model that returns rewards to network participants
- None.
Insights
The launch of Global Dollar Network represents a significant strategic move in the digital payments landscape. The collaboration between major players like Robinhood, Kraken and Paxos creates a formidable competitive force in the stablecoin market. This network's unique value proposition lies in its redistributive economic model, where rewards are shared among participants rather than concentrated with the issuer.
The regulatory compliance with Singapore's MAS framework and partnership with DBS Bank adds important legitimacy and institutional backing. For Robinhood, this initiative could create a new revenue stream through stablecoin transaction fees and network rewards, while potentially increasing platform engagement and transaction volumes. The move positions Robinhood strategically in the evolving digital payment infrastructure, though revenue impact will depend on adoption rates and network growth.
The Global Dollar Network's establishment in Singapore with MAS compliance framework adherence is strategically significant. This regulatory-first approach differentiates USDG from existing stablecoins and could provide a competitive advantage in institutional adoption. The backing by DBS Bank, rated as Asia's safest bank, provides robust custodial infrastructure that meets institutional standards.
This regulatory positioning could help Robinhood navigate the complex regulatory landscape of digital assets, particularly as global regulators increase scrutiny of stablecoins. The structure potentially reduces regulatory risks compared to existing stablecoin offerings, though success will depend on regulatory reception in key markets beyond Singapore.
Invite-Only Phase Now Open to Qualifying Participants
Many stablecoins fall short of meeting the standards and consumer protections required by global enterprises. Further, enterprise adoption is restricted by outdated business models that levy high costs on blockchain ecosystems and the broader economy. These shortcomings hinder overall innovation and represent a lost opportunity for payments providers, custodians, exchanges and investment platforms seeking low-cost, safe stablecoin options. The Global Dollar Network is revolutionizing this market by offering a trusted stablecoin that provides proportionate economic benefits to all partners.
At the heart of the network is the Global Dollar (USDG), a new, safe and trusted stablecoin issued out of
Nathan McCauley, CEO of Anchorage Digital, said: "Institutions gain an incredible set of opportunities with stablecoins: fast peer-to-peer and cross-border settlement, efficient trading capability and the chance to earn rewards on select stablecoin deposits. We're pleased to support the launch of Global Dollar Network that can bring these benefits to reality."
Arjun Sethi, Co-CEO at Kraken, said: "The lack of competition in the regulated stablecoin market has prevented the industry from reaching its full potential. USDG upends this dynamic with a more equitable model that will bring mainstream participants into the ecosystem and accelerate new stablecoin use cases."
Charles Cascarilla, CEO and Co-Founder of Paxos, said: "Stablecoins are replatforming the financial system and revolutionizing how people interact with US dollars and payments. However, the leading stablecoins are unregulated and retain all the reserve economics. Global Dollar Network will return virtually all rewards to participants and is open for anyone to join. It is designed to incentivize global stablecoin usage and accelerate societal wide adoption of this technology."
Johann Kerbrat, GM & VP of Robinhood Crypto, said: "Stablecoins have been proven to offer a bridge between traditional finance and cryptocurrencies, enabling faster, lower cost and more efficient transactions. We're pleased to support the Global Dollar Network's efforts to expand these opportunities, which align with our commitment to making financial access easier and more inclusive."
Tom Farley, CEO of Bullish, said: "Trusted stablecoins are essential in bridging the gap between crypto and traditional markets. By combining the efficiency of blockchain technology with robust prudential oversight, institutions can confidently engage with digital assets. We are proud to support the launch of the Global Dollar Network and pleased to expand the number of trusted stablecoins available to Bullish customers with the introduction of USDG."
Users of Anchorage Digital, Galaxy Digital, Kraken and Paxos can get USDG on these venues starting today. USDG will soon be available across all named distribution partners.
DBS Bank,
Businesses interested in joining Global Dollar Network can contact the team at www.globaldollar.com.
About Anchorage Digital
Anchorage Digital is a crypto platform that enables institutions to participate in digital assets through custody, staking, trading, governance, settlement, and the industry's leading security infrastructure. Home to Anchorage Digital Bank N.A., the only federally chartered crypto bank in the
About Bullish
With a focus on developing products and services for the institutional digital assets sector, Bullish has rewired the traditional exchange to benefit asset holders, enable traders and increase market transparency. Supported by the group's well-capitalized treasury, Bullish's centralized exchange combines a high-performance central limit order book (CLOB) with proprietary automated market making technology to deliver deep liquidity and tight spreads – all within a compliant and regulated framework. Launched in November 2021, the exchange is available in 50+ select jurisdictions in
About Kraken
Kraken is one of the world's longest-standing and most secure crypto platforms. Our mission is to accelerate the global adoption of crypto, so that everyone can achieve financial freedom and inclusion. Globally, Kraken clients trade more than 200 digital assets and 6 different national currencies, including USD, EUR, GBP, CAD, CHF, and AUD.
Founded in 2011, Kraken was among the first to offer spot trading with margin, parachain auctions, staking, regulated derivatives and index services under one roof. Trusted by over 13 million individuals, traders and institutions around the world, Kraken offers professional 24/7/365 client support along with one of the fastest, most performant trading platforms available. Kraken has set the industry standard for transparency and client trust, and was the first crypto platform to conduct Proof of Reserves.
About Paxos
Paxos is the leading regulated blockchain infrastructure and tokenization platform. Its products are the foundation for a new, open financial system that can operate faster and more efficiently. Today, trillions of dollars are locked in inefficient, outdated financial plumbing that is inaccessible to millions of people. Paxos is replatforming the financial system to enable assets to instantaneously move anywhere in the world, at any time, in a trustworthy way.
Paxos partners with leading global enterprises to tokenize, custody and trade assets. Its blockchain solutions are used by leaders like PayPal, Interactive Brokers, Mastercard, Mercado Libre and Nubank. Paxos is licensed to engage in virtual currency business activity by the NYDFS and is the issuer of numerous regulated digital assets including PayPal USD (PYUSD), Pax Dollar (USDP) and Pax Gold (PAXG). Its affiliate company Paxos International issues the yield-bearing regulated stablecoin Lift Dollar (USDL). Prudentially regulated by the NYDFS in the US, the MAS in
About Robinhood
Robinhood Markets, Inc. (NASDAQ: HOOD) is on a mission to democratize finance for all. In the
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FAQ
What is the Global Dollar Network and who are its founding partners?
How is USDG different from other stablecoins?
When will USDG be available on Robinhood (HOOD) and other platforms?
