Breaking News

web3bzz

Allow notificationsđź”” to receive the latest news and updates.

USDG Stablecoin Debuts Backed by Major Industry Players

USDG stablecoin launches with backing from Robinhood, Kraken, and more to drive global digital dollar adoption on Ethereum

3 minNovember 6, 2024

Highlights:

•

USDG stablecoin launched by major crypto firms on Ethereum for global adoption.

•

DBS Bank partners to manage USDG reserves, enhancing stability.

•

USDG aims to boost financial inclusion with Ethereum’s secure, cross-border capabilities.

USDG Stablecoin Debuts Backed by Major Industry Players

A new digital dollar stablecoin, the Global Dollar (USDG), has arrived. A partnership between major crypto companies like Robinhood, Paxos, Kraken, Nuvei, Bullish, Anchorage, and Galaxy Digital aims to expand stablecoin usage worldwide. 

 

The USDG stablecoin is built on Ethereum’s blockchain, offering a more secure and accessible digital currency. With DBS Bank as the primary banking partner, this initiative has the potential to reshape the global stablecoin landscape.

 

USDG's Role in Expanding Stablecoin Adoption

 

The USDG stablecoin is already available to users on participating platforms. The goal is to make this digital dollar more accessible to a larger audience. 

 

 

Arjun Sethi, co-CEO of Kraken, explained that the project aims to create a fairer model for global stablecoin adoption. He also pointed out that the lack of regulation has limited the sector’s growth.

 

DBS Bank, Southeast Asia’s largest bank by assets, plays a key role in USDG’s launch. The bank will manage the USDG reserves, positioning itself as an important player in the stablecoin space. This 

 

How Ethereum Powers Financial Inclusion

 

USDG runs on Ethereum, a blockchain known for its security and smart-contract capabilities. By leveraging Ethereum’s network, USDG aims to enhance cross-border payments and facilitate faster remittances. 

 

This technology could provide much-needed access to digital payments for the unbanked and those in underserved regions. The launch of USDG comes amid growing competition in the stablecoin market.  

 

This will compete with the established players like USDC and Tether. As competition heats up, the rise of USDG signals the increasing importance of stable digital currencies for global financial systems.

 

USDG’s debut is a bold step toward bridging traditional finance with blockchain. By offering a secure, accessible stablecoin, this initiative may help redefine the role of digital currency in a rapidly changing financial landscape.

 

 

Subscribe To

Web3Buzz

Connecting you to the world of Web3

Related News

People also like to read

Latest News