Crypto Exchange OKX has joined the global dollar network, the alliance that promotes Paxos’ relatively small USDG Stablecoin, a move that said the exchange said it could help accelerate the adoption of regulated dollar-backed Stablecoin.
By joining the network, OKX’s 60 million global users will gain access to the global dollar (USDGThe company announced on Monday that it will be used for transactions and transfers.
OKX has supported several major stabilizing bacteria, including market leader Tether (USDT) and USDC (USDC). Adding USDG (a new, smaller contestant) can expand access to the normative digital dollar through projects designed to run within an established regulatory framework.
Paxos launches USDG Last November, Singapore-based DBS Bank held reserves. Stablecoins are regulated by Singapore’s Monetary Authority, earlier this month Expand to the EU Under the market under the cryptoasset (MICA) framework.
CoIntelegraph has contacted OKX with USDG in jurisdictions that have not yet been approved by regulators but have not passed the publication response.
USDG has a recycled supply of $356 million, much smaller than other established dollar-backed Stablecoins. Paxos aims to close this gap by positioning USDG in an established regulatory framework.
The global dollar network has attracted dozens of partners, including Robinhood, Kraken, Anchorage Digital, Beam, DBS, DBS and Standard Chartered.
Related: Cryptocurrency: Meta’s AI BET, Fortune 500’s Stablecoin Push
$250 billion Stablecoin market sees retail, institutions participate
By trading volume, stabilizers have become one of the most important use cases of blockchain technology. According to a report by Chainalysis, in developed economies such as North America and Europe, they are mainly used in settlements and liquidity management.
In addition to supporting cryptocurrency trading, Stablecoins has gained a foundation in emerging markets as a tool to enable reliable trading and retain value in local currency volatility.
Although Stablecoins is popular among retail users, institutions are also exploring them more and more Banks looking to use technology Simplify cross-border payments.
In the United States, the corporate and institutional interests of stablecoins are Genius bill clears the Senate last month. Several major tech companies, including Apple and Elon Musk’s X, are It is reported that the integration of stable payments is being considered Enter their products.
Related: Stablecoins will soon have “iPhone Moment,” Circle CEO
