Invite-Only Phase Now Open to Qualifying
Participants
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enterprise adoption is restricted by outdated business models that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.
Nathan McCauley, CEO of
Anchorage Digital, said: "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. We're pleased
to support the launch of Global Dollar Network that can bring these
benefits to reality."
Arjun
Sethi, Co-CEO at Kraken, said: "The lack of
competition in the regulated stablecoin market has
prevented the industry from reaching its full potential. USDG
upends this dynamic with a more equitable model that will bring
mainstream participants into the ecosystem and accelerate new
stablecoin use cases."
Charles Cascarilla, CEO and Co-Founder of Paxos,
said: "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. 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."
Johann Kerbrat, GM
& VP of Robinhood Crypto, said: "Stablecoins have
been proven to offer a bridge between traditional finance and
cryptocurrencies, enabling faster, lower cost and more
efficient transactions. 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."
Tom Farley, CEO of
Bullish, said: "Trusted stablecoins are essential in bridging the
gap between crypto and traditional markets. 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."
Users of Anchorage Digital, Galaxy Digital, Kraken and Paxos can
get USDG on these venues starting today. USDG will soon be
available across all named distribution partners.
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 Digital
Anchorage 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 Bullish
With 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) with proprietary
automated market making technology to deliver deep liquidity and
tight spreads – all within a compliant and regulated framework.
Launched in November 2021, the
exchange is available in 50+ select jurisdictions in Asia Pacific, Europe, Africa, and Latin
America. Bullish operates as a full-reserve exchange, and
prioritizes compliance and safeguarding customer assets through
robust security measures and regulatory oversight. Bullish exchange
is operated by Bullish (GI) Limited and is regulated by the
Gibraltar Financial Services Commission (DLT license: FSC1038FSA).
For more information on the Bullish exchange, please visit
bullish.com and follow LinkedIn and X.
About Kraken
Kraken is one of the world's
longest-standing and most secure crypto platforms. Our
mission is to accelerate the global adoption of
crypto, so that everyone can achieve financial freedom
and inclusion. Globally, Kraken clients trade more than 200 digital
assets and 6 different national currencies, including USD, EUR,
GBP, CAD, CHF, and AUD.
Founded in 2011, Kraken was among the first to offer spot
trading with margin, parachain auctions, staking, regulated
derivatives and index services under one roof. Trusted by over 13
million individuals, traders and institutions around the world,
Kraken offers professional 24/7/365 client support along with one
of the fastest, most performant trading platforms available. Kraken
has set the industry standard for transparency and client trust,
and was the first crypto platform to conduct Proof of
Reserves.
About Paxos
Paxos is the leading regulated
blockchain infrastructure and tokenization platform. Its products
are the foundation for a new, open financial system that can
operate faster and more efficiently. Today, trillions of dollars
are locked in inefficient, outdated financial plumbing that is
inaccessible to millions of people. Paxos is replatforming the
financial system to enable assets to instantaneously move anywhere
in the world, at any time, in a trustworthy way.
Paxos partners with leading global enterprises to tokenize,
custody and trade assets. Its blockchain solutions are used by
leaders like PayPal, Interactive Brokers, Mastercard, Mercado Libre and Nubank. Paxos is licensed to
engage in virtual currency business activity by the NYDFS and is
the issuer of numerous regulated digital assets including PayPal
USD (PYUSD), Pax Dollar (USDP) and Pax Gold (PAXG). Its affiliate
company Paxos International issues the yield-bearing regulated
stablecoin Lift Dollar (USDL). Prudentially regulated
by the NYDFS in the US, the MAS in Singapore and FSRA in Abu Dhabi Global Market,
Paxos is a top-funded fintech company with more than $540 million raised from leading investors
including Oak HC/FT, Declaration Partners, Founders Fund, Mithril
Capital and PayPal Ventures.
About Robinhood
Robinhood Markets, Inc. (NASDAQ: HOOD)
is on a mission to democratize finance for all. In the U.S., people
can invest with no account minimums through Robinhood Financial
LLC, a registered broker dealer (member SIPC), buy and sell
crypto through Robinhood Crypto, LLC, and
spend and earn rewards through debit cards with Robinhood Money,
LLC and credit cards with Robinhood Credit, Inc. People can also
trade U.S. stocks or FX fees in the UK through Robinhood U.K. Ltd.,
trade crypto in select jurisdictions in the European
Union through Robinhood Europe, UAB, and access easy-to-understand
educational content through Robinhood Learn. Robinhood uses the
"Overview" tab of its Investor Relations website (accessible
at investors.robinhood.com/overview) and its Newsroom
(accessible at newsroom.aboutrobinhood.com), as means of disclosing
information to the public in a broad, non-exclusionary manner for
purposes of the U.S. Securities and Exchange Commission's ("SEC")
Regulation Fair Disclosure (Reg. FD). Investors should routinely
monitor those web pages, in addition to Robinhood's press releases,
SEC filings, and public conference calls and webcasts, as
information posted on them could be deemed to be material
information. "Robinhood" and the Robinhood feather logo are
registered trademarks of Robinhood Markets, Inc. All other names
are trademarks and/or registered trademarks of their respective
owners.
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SOURCE Paxos
