PANews reported on November 5, according to CoinDesk, that Paxos, in collaboration with crypto giants such as Robinhood, Kraken, and Galaxy Digital, has launched a new stablecoin called 'Global Dollar' (USDG), aiming to promote widespread adoption of the stablecoin through revenue sharing. USDG is issued by Paxos in Singapore and complies with the upcoming stablecoin framework requirements set by the Monetary Authority of Singapore.
The project is called the 'Global Dollar Network', with original partners including Anchorage Digital, Bullish, Nuvei, Paxos, and others. Unlike other stablecoins that retain all reserve interest, USDG returns the earnings generated from the reserves to network partners, incentivizing them to enhance the network's liquidity and connectivity. DBS Bank will serve as the primary banking partner, responsible for the cash management and custody of USDG reserves.
Paxos CEO Charles Cascarilla stated: 'This is essentially a community token. Anyone can join the Global Dollar Network and earn rewards through activities. We allocate about 97% of the economic benefits. This is very different from how other stablecoins have been established and created so far.'