Anchorage Digital, Paxos, and other fintech leaders launch the Global Dollar Network and USDG stablecoin, aiming to expand stablecoin adoption and real-world use cases.

Today, leaders in fintech and digital assets introduced the Global Dollar Network, an open network designed to accelerate stablecoin usage globally. The initiative brings together initial partners Anchorage Digital, Bullish, Galaxy Digital, Kraken, Nuvei, Paxos, and Robinhood to enhance 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.

The Global Dollar Network addresses the challenges faced by many stablecoins, which often fall short of meeting the standards and consumer protections required by global enterprises. 

These shortcomings hinder innovation and represent a lost opportunity for payment providers, custodians, exchanges, and investment platforms seeking low-cost, safe stablecoin options. The network aims to revolutionize the 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 stablecoin issued out of Singapore by Paxos, compliant with the Monetary Authority of Singapore’s upcoming stablecoin framework. 

The network leverages the collective strengths 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, the 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.

Nathan McCauley, CEO of Anchorage Digital, highlighted the benefits, stating: “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.”

Users of Anchorage Digital, Galaxy Digital, Kraken, and Paxos can access USDG starting today, with plans to expand availability across all named distribution partners. DBS Bank, Southeast Asia’s largest bank by assets, will serve as the primary banking partner for cash management and custody of USDG reserves.