{"id":2212,"date":"2024-11-06T15:02:17","date_gmt":"2024-11-06T15:02:17","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=2212"},"modified":"2024-11-06T15:02:17","modified_gmt":"2024-11-06T15:02:17","slug":"global-dollar-network-debuts-with-backing-from-robinhood-galaxy-digital-others","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=2212","title":{"rendered":"Global Dollar Network Debuts With Backing From Robinhood, Galaxy Digital, Others"},"content":{"rendered":"
\n

Some of the leading crypto firms have formally formed an alliance aiming to encourage digital asset users worldwide to adopt stablecoin. Robinhood, Kraken, Galaxy Digital, Anchorage Digital, Bullish, Nuvei, and Paxos joined forces to launch a new stablecoin<\/a> known as the USDG, or the Global Dollar Network., helping the integration of stablecoin in everyday financial transactions.<\/p>\n

A New Stablecoin Network<\/strong><\/h2>\n

The partnership between Robinhood, Kraken, Galaxy Digital, Anchorage Digital, Bullish, Nuvei, and Paxos gave birth to the open network named the Global Dollar Network.<\/a><\/p>\n

According to their joint statement, the new network was created to accelerate stablecoin\u2019s worldwide usage. These leaders in their respective industries, united by one goal, will pool their resources and utilize their expertise to push for a wider adoption of the coin, making it a more global digital currency.<\/p>\n

The consortium<\/a> urged other firms, custodians, payment tools, crypto exchanges, and other platforms to become part of the newly formed stablecoin network so they can work together to innovate global money.<\/p>\n

\n

USDG, a new US-dollar denominated stablecoin is finally here, and I couldn\u2019t be more excited about @Anchorage<\/a> Digital\u2019s role.<\/p>\n

As an initial partner, we\u2019re making sure institutions have everything they need to confidently engage with USDG. \"\ud83d\ude80\" https:\/\/t.co\/QoWEuPxMtE<\/a><\/p>\n

\u2014 Nathan McCauley (@nathanmccauley) November 4, 2024<\/a><\/p>\n<\/blockquote>\n

Anchorage Digital, one of the pioneering members of the network, is thrilled about what the future holds for the partnership. The company\u2019s CEO, Nathan McCauley said that their firm supports the introduction of the Global Dollar Network, saying that the stablecoin bloc would greatly benefit the coin\u2019s users.<\/p>\n

\n\u201cInstitutions 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,\u201d McCauley said.\n<\/p><\/blockquote>\n

USDG Stablecoin<\/strong><\/h2>\n

With the collaboration, the new network will issue a new stablecoin called USDG<\/a> which will be pegged at one is to one to the greenback.<\/p>\n

The stablecoin bloc aims to contest the status quo in the digital asset market which is currently dominated by Circle\u2019s USD Coin (USDC) and Tether\u2019s USDT. With the arrival of USDG, it has the potential to reshape the stablecoin landscape.<\/a><\/p>\n

<\/p>\n

According to CoinGecko, 90% of the stablecoin\u2019s total market capitalization consists of USDC and USDT.<\/p>\n

Kraken Co-CEO Arjun Sethi said that the industry has not reached its potential because there is a lack of competition in the regulated stablecoin market, claiming that USDG would upend this dynamic since the new stablecoin offers a more equitable model.<\/p>\n

Sethi adds, \u201cIt will bring mainstream participants into the ecosystem and accelerate new stablecoin use cases.\u201d<\/p>\n

Bullish CEO Tom Farley, on the other hand, said that the network has increased the number of \u201ctrusted\u201d stablecoins to choose from.<\/p>\n

\u201cTrusted stablecoins are essential in bridging the gap between crypto and traditional markets,\u201d Farley added.<\/p>\n

The Dollar Network\u2019s Importance<\/strong><\/h2>\n

Stablecoins, which are backed by traditional currencies, are created to keep a constant value.<\/p>\n

These digital assets are usually utilized to turn crypto coins into traditional currencies since the token is not affected by wild price fluctuations like in other digital currencies.<\/p>\n

Paxos CEO Charles Cascarilla explained that stablecoins are used to re-platform the financial system by revolutionizing the interaction between people and the US dollars, adding that the Global Dollar Network will incentivize the usage of stablecoin and accelerate its adoption in society.<\/p>\n

Featured image from Pixabay, chart from TradingView<\/em><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Some of the leading crypto firms have formally formed an alliance aiming to encourage digital asset users worldwide to adopt stablecoin. Robinhood, Kraken, Galaxy Digital, Anchorage Digital, Bullish, Nuvei, and Paxos joined forces to launch a new stablecoin known as the USDG, or the Global Dollar Network., helping the integration of stablecoin in everyday financial […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-2212","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/2212","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2212"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/2212\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2212"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2212"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2212"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}