-
The
USDG
stablecoin
is
issued
out
of
Singapore
by
Paxos,
and
is
broadly
in
line
with
the
Monetary
Authority
of
Singapore’s
upcoming
stablecoin
framework. -
Income
derived
from
USDG’s
reserves
will
be
shared
among
the
initial
Global
Dollar
Network
partners,
which
are
Anchorage
Digital,
Bullish,
Galaxy
Digital,
Kraken,
Nuvei,
Paxos
and
Robinhood.
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with
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Ripple’s
Larsen
Leads
Harris
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Crypto
Policy
Talk
With
Circle’s
Dante
Disparte
and
Stellar’s
Candace
Kelly -
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Uptober
Forming
Amid
Rising
Stablecoin
Liquidity
and
Bitcoin
Transactions -
01:56
Trump
Leads
Harris
on
Polymarket
After
Musk
Endorsement;
Tether
Celebrates
10-Year
Birthday
A
group
of
heavy
hitters
in
the
cryptocurrency
space
are
backing
a
new,
regulation-focused
stablecoin,
the
Global
Dollar
(USDG),
which
aims
to
return
yield
earned
on
its
reserve
assets
to
participants
who
help
accelerate
its
adoption.
Dubbed
the
Global
Dollar
Network,
the
original
partners
are
Anchorage
Digital,
Bullish
(the
owner
of
CoinDesk),
Galaxy
Digital,
Kraken,
Nuvei,
Paxos
and
Robinhood.
The
USDG
stablecoin
is
issued
out
of
Singapore
by
Paxos,
and
is
“substantively
compliant”
with
the
Monetary
Authority
of
Singapore’s
upcoming
stablecoin
framework,
according
to
a
press
release.
“This
is
meant
to
really
be
a
community
token,”
said
Paxos
CEO
Charles
Cascarilla
in
an
interview.
“Anybody
can
join
the
Global
Dollar
Network
and
accrue
rewards
for
activity.
We’re
distributing
something
like
97%
of
the
economics.
That’s
a
big
difference
from
how
other
stablecoins
have
been
set
up
and
created
to
date.”
Stablecoins
are
a
big
business
which
has
been
dominated
by
two
giants,
Tether
–
whose
(USDT)
is
the
largest
stablecoin
by
a
wide
margin
–
and
the
next
biggest,
Circle
and
its
(USDC).
Unlike
the
new
USDG,
both
Tether
and
Circle
retain
all
the
interest
from
reserves.
There
are
other
yield-sharing
stablecoins
as
well
as
some
interesting
protocol-level
innovation
from
the
likes
of
the
M^0
project.
Income
generated
from
USDG’s
reserves,
which
like
many
stablecoins
are
U.S.
Treasuries,
will
be
shared
out
among
participants
based
on
the
ways
these
firms
can
create
connectivity
and
liquidity,
Cascarilla
said.
“The
way
we
have
set
this
up
is
that
the
participants
are
being
rewarded
for
activity
that
helps
grow
the
utility
of
the
network,”
he
said.
“That
could
be
for
a
number
of
activities;
different
participants
can
be
rewarded
in
different
ways,
because
not
everyone
does
the
same
thing,
and
that’s
actually
what
makes
a
thriving
ecosystem.”
By
rewarding
participant
companies
rather
than
end
users
of
the
platform,
the
USDG
stablecoin
is
available
in
the
U.S.
via
the
footprint
of
the
distribution
partners,
such
as
Anchorage,
which
operates
in
all
50
U.S.
states.
DBS
Bank,
Southeast
Asia’s
largest
bank
by
assets,
will
serve
as
the
primary
banking
partner
at
launch
for
cash
management
and
custody
of
USDG
reserves.
UPDATE
(Nov.
4,
2024,
22:41
UTC):
Notes
that
Anchorage
operates
in
every
U.S.
state.
