Global Dollar (USDG) Stablecoin has been launched in the EU, with issuer Paxos claiming to be in compliance with the region’s crypto asset management regulations (MICA), as well as supervision by Finnish financial supervisory authorities and Singapore’s central bank.
According to Tuesday announcementUSDG, now issued by Paxos, is offered through partners including the major cryptocurrency exchange Kraken and Gate. Other platforms that offer Stablecoin include Coinmetro, Swissborg, Zodia custody, tracks, Hercle, Coinspaid, Bitwyrem, Bitwyrem, Bitwyrem, Bitnet and Hifi.
Paxos issuing USDG to Europe through Paxos Issuing Paxos Insurance Europe, a Finnish entity supervised by the country’s financial supervisory authority. The stable structure is consistent with the mica regulations, with part of its cash reserves in the European Bank. Paxos said it guarantees one-to-one redemption and complies with Mica’s strict reserve and audit requirements.
“As Stablecoins becomes the core infrastructure of global finance, USDG stands out for its availability and ecosystem growth,” said Mark Greenberg, head of global consumer at Kraken.
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Global dollar infrastructure
Expanding to Europe is a stable Global Dollar Network (GDN) (GDN) backed by Paxos, Kraken, Robinhood, Anchorage Digital, WorldPay, and more than 20 other financial and fintech companies. Mastercard recently joined the GDN initiative and Announce It will support USDG, which indicates interest in traditional finance.
This extension follows Second half of 2024 A global dollar network with Robinhood, Galaxy Digital, Kraken and Paxos.
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“Demand for Stablecoins is still rising rapidly,” said Walter Hessert, head of strategy at Paxos. According to recent statements Data from Real World Assets (RWA)Stablecoins hit a market cap of $239 billion in late June, and when writing, the figure rose to $253.9 billion according to Go to Defilama.
The latest report from Crypto Exchange Coinbase also states Interest in using Stablecoins has tripled This growth has been driven by consumer beliefs and beliefs from F500 and SMEs since 2024, and F500 and SMEs can help address some of their biggest financial pain points. ”
According to data from late May $94.2 billion Stablecoin deal was confirmed “Overall, Stablecoins has established its own growing global payment infrastructure component,” the report said.
May’s data also show that load-bearing stabilizers have Issuance volume reaches US$11 billionaccounting for 4.5% of the total stable market. This indicates rapid growth, from $1.5 billion and 1% market share growth in early 2024.
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