A consortium of major crypto and fintech companies is launching the Global Dollar Network for seamless cross-border payments.

A New Frontier: Crypto Leaders Launch Global Dollar Network for Payments

Leading companies in the financial technology and digital asset space announced the launch of the Global Dollar Network on Monday, which they describe as “an open network designed to accelerate the adoption of stablecoins worldwide.” Key players, including Anchorage Digital, Bullish, Galaxy Digital, Kraken, Nuvei, Paxos, and Robinhood, are leading the initiative to expand stablecoin adoption by pooling expertise and resources across sectors.

This network invites other industry leaders, such as payment fintech companies, banks, custodians, and exchanges, to participate and drive innovation in cross-border remittances. According to the announcement:

The initial partners of Anchorage Digital, Bullish, Galaxy Digital, Kraken, Nuvei, Paxos, and Robinhood are pooling resources and expertise to enhance the adoption of stablecoins and expand real-world use cases.

The announcement further states: 'Starting today, various leaders across multiple fields, including custodians, exchanges, payment fintech companies, sales entities, protocols, card networks, banks, and investment platforms can join the Global Dollar Network to support innovation in global remittance operations.'

The focus of this network is USDG, a new stablecoin issued by Paxos in Singapore, meeting the upcoming compliance standards of the Monetary Authority of Singapore. Paxos describes USDG as 'a new, safe, and reliable stablecoin' aimed at providing a compliant, regulated solution for business transactions.

The announcement details:

Users of Anchorage Digital, Galaxy Digital, Kraken, and Paxos can obtain USDG at these locations starting today. USDG will soon be available at all named distribution partners.

DBS Bank, the largest financial institution in Southeast Asia, will act as the primary banking partner, responsible for the custody and management of USDG reserves, adding an extra layer of trust and liquidity. Recognized as 'Asia's Safest Bank' for 16 years, DBS Bank is positioned to elevate the credibility of USDG. Anchorage Digital CEO Nathan McCauley noted the potential of the Global Dollar Network to enable 'rapid peer-to-peer and cross-border payments.' The founders of this network see USDG reshaping digital finance and business transactions, driving safe, compliant innovation in global payments.
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