A consortium of traditional finance and crypto companies, including Robinhood, Galaxy Digital, Kraken, and Paxos, have joined forces to support USDG, a new stablecoin pegged to the US dollar.

Paxos said in a statement on November 5 that this “open network” aims to increase global adoption of stablecoins.

USDG was launched on the Ethereum blockchain on November 1 and will be available on other blockchains in the future.

USDG is fully backed by US dollar reserves backed by Singapore’s largest bank, DBS Bank.