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Paxos and Major Crypto Firms Launch USDG Stablecoin on Ethereum to Challenge 90% Market Share

Nov 4, 2024, 10:15 PM

Paxos, in collaboration with major crypto firms such as Robinhood, Kraken, Anchorage Digital, Galaxy Digital, Bullish, and Nuvei, has launched the Global Dollar Network. This initiative introduces a new regulation-focused stablecoin, the Global Dollar (USDG), which is built on the Ethereum blockchain and pegged to the US dollar. The USDG aims to accelerate and reward global stablecoin adoption. Key features of the network include custody, settlement, trading, and stablecoin rewards. The launch of USDG is seen as a move to challenge the dominance of existing stablecoins like Tether and USDC, which currently hold 90% of the market share.