According to Wu's report, Anchorage Digital, Bullish, Galaxy Digital, Kraken, Nuvei, Paxos, and Robinhood have announced the launch of the Global Dollar Network. This network aims to accelerate the application of global stablecoins through an open platform, promote innovation, and reward qualified business participants. The new stablecoin USDG is issued by Paxos in Singapore and operates on the Ethereum blockchain. USDG was approved by the Monetary Authority of Singapore (MAS) in July this year and is fully compliant with the stablecoin regulatory framework established by MAS in August 2023.