Robinhood, Kraken and Paxos Launch a New Global Dollar Stablecoin

A group of influential figures in the world of cryptocurrency are supporting a new stablecoin, called the Global Dollar (USDG), that focuses on compliance and regulation.

This innovative currency aims to distribute the yield earned from its reserve assets to those who help speed up its adoption.

The Global Dollar Network, composed of companies such as Anchorage Digital, Bullish, Galaxy Digital, Kraken, Nuvei, Paxos, and Robinhood, is responsible for launching the USDG stablecoin from Singapore.

According to a press release, it is “substantively compliant” with the upcoming stablecoin regulations from the Monetary Authority of Singapore. Paxos CEO Charles Cascarilla explained in an interview that the USDG is intended to be a community token where anyone can participate and earn rewards for their activity.