A new consortium featuring Robinhood, Galaxy Digital, Kraken, and Paxos is backing a fresh stablecoin, USDG, pegged to the US dollar. Announced by Paxos, this "open network" aims to boost stablecoin adoption globally. Currently available on Ethereum, USDG plans to expand to other blockchains as regulations permit. Issued from Singapore, USDG is backed 1:1 with US dollars, managed by DBS Bank. This move challenges the stablecoin market, currently led by Tether and Circle's USD Coin. Paxos also offers PayPal USD, Pax Dollar, and Pax Gold.