Introducing Global Dollar Network - An Open Network to Accelerate and Reward Global Stablecoin Adoption Driven by Anchorage Digital, Bullish, Galaxy Digital, Kraken, Nuvei, Paxos, and Robinhood

Today, leaders in fintech and digital assets introduced Global Dollar Network, an open network designed to accelerate stablecoin usage worldwide.

SINGAPORE, Nov. 4, 2024 /PRNewswire/ -- Today, leaders in fintech and digital assets introduced Global Dollar Network, an open network designed to accelerate stablecoin usage worldwide. The initial partners of Anchorage Digital, Bullish, Galaxy Digital, Kraken, Nuvei, Paxos and Robinhood are uniting resources and expertise to increase stablecoin adoption and expand real world use cases. Starting today, additional leaders across various sectors, including custodians, exchanges, payment fintechs, merchants, protocols, card networks, banks and investment platforms can join the Global Dollar Network to support innovation in global money movement.

Many stablecoins fall short of meeting the standards and consumer protections required by global enterprises. Further, enterprise adoption is restricted by outdated business models that levy high costs on blockchain ecosystems and the broader economy. These shortcomings hinder overall innovation and represent a lost opportunity for payments providers, custodians, exchanges and investment platforms seeking low-cost, safe stablecoin options. The Global Dollar Network is revolutionizing this market by offering a trusted stablecoin that provides proportionate economic benefits to all partners.

At the heart of the network is the Global Dollar (USDG), a new, safe and trusted stablecoin issued out of Singapore by Paxos that is substantively compliant with the Monetary Authority of Singapore's upcoming stablecoin framework. The network leverages the collective strengths of each of its partners to incentivize the development of both crypto and broader financial solutions involving USDG. Directed by a network advisory committee with partner representation, Global Dollar Network aims to reshape the stablecoin landscape, offering a solution that meets the stringent demands of global enterprises while promoting collaborative growth and innovation.

"Institutions 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," said Nathan McCauley, CEO of Anchorage Digital. "We're pleased to support the launch of Global Dollar Network that can bring these benefits to reality."

"The lack of competition in the regulated stablecoin market has prevented the industry from reaching its full potential," said Arjun Sethi, Co-CEO at Kraken. "USDG upends this dynamic with a more equitable model that will bring mainstream participants into the ecosystem and accelerate new stablecoin use cases."

"Stablecoins are replatforming the financial system and revolutionizing how people interact with US dollars and payments. However, the leading stablecoins are unregulated and retain all the reserve economics," said Charles Cascarilla, CEO and Co-Founder of Paxos. "Global Dollar Network will return virtually all rewards to participants and is open for anyone to join. It is designed to incentivize global stablecoin usage and accelerate societal wide adoption of this technology."

"Stablecoins have been proven to offer a bridge between traditional finance and cryptocurrencies, enabling faster, lower cost and more efficient transactions," said Johann Kerbrat, GM & VP of Robinhood Crypto. "We're pleased to support the Global Dollar Network's efforts to expand these opportunities, which align with our commitment to making financial access easier and more inclusive."

"Trusted stablecoins are essential in bridging the gap between crypto and traditional markets," said Tom Farley, CEO of Bullish. "By combining the efficiency of blockchain technology with robust prudential oversight, institutions can confidently engage with digital assets. We are proud to support the launch of the Global Dollar Network and pleased to expand the number of trusted stablecoins available to Bullish customers with the introduction of USDG."

DBS Bank, Southeast Asia's largest bank by assets and recognized as the Safest Bank in Asia for 16 consecutive years by Global Finance, will serve as the primary banking partner at launch for cash management and custody of USDG reserves.

Businesses interested in joining Global Dollar Network can contact the team at www.globaldollar.com.

About Anchorage DigitalAnchorage Digital is a crypto platform that enables institutions to participate in digital assets through custody, staking, trading, governance, settlement, and the industry's leading security infrastructure. Home to Anchorage Digital Bank N.A., the only federally chartered crypto bank in the U.S., Anchorage Digital also serves institutions through Anchorage Digital Singapore and self-custody wallet, Porto by Anchorage Digital. The company is funded by leading institutions including Andreessen Horowitz, GIC, Goldman Sachs, KKR, and Visa, with its Series D valuation over $3 billion. Founded in 2017 in San Francisco, California, Anchorage Digital has offices in New York, New York; Porto, Portugal; Singapore; and Sioux Falls, South Dakota. Learn more at anchorage.com, on X @Anchorage, and on LinkedIn.

About BullishWith a focus on developing products and services for the institutional digital assets sector, Bullish has rewired the traditional exchange to benefit asset holders, enable traders and increase market transparency. Supported by the group's well-capitalized treasury, Bullish's centralized exchange combines a high-performance central limit order book (CLOB