Robinhood, Kraken and Paxos Roll Out a Global Stablecoin
A group of traditional and crypto financial companies, such as Robinhood, Galaxy Digital, Kraken, and Paxos, have joined forces to support a new stablecoin that is tied to the value of the US dollar.
This consortium, announced on November 5, aims the use and adoption of stablecoins worldwide through an open network.
According to Paxos, the lack of competition in the regulated stablecoin market has hindered the growth of the industry.
The launch of USDG, which is built on Paxos’ blockchain infrastructure and backed by traditional and crypto companies, is expected to disrupt this market dynamic and attract mainstream participants.
The stablecoin, currently available on Ethereum, will also be made accessible on other blockchains once regulations evolve.
