Introducing Global Dollar Network - An open network to accelerate and reward global stablecoin adoption driven by Anchorage Digital, Bullish, Galaxy Digital, Kraken, Nuvei, Paxos and Robinhood

PRNewswire 4-Nov-2024 5:00 PM

Invite-Only Phase Now Open to Qualifying Participants

SINGAPORE, Nov. 4, 2024 /PRNewswire/ -- Today, leaders in fintech and digital assets introduced Global Dollar Network, an open network designed to accelerate stablecoin usage worldwide. The initial partners of Anchorage Digital, Bullish, Galaxy Digital, Kraken, Nuvei, Paxos and Robinhood are uniting resources and expertise to increase stablecoin adoption and expand real world use cases. Starting today, additional leaders across various sectors, including custodians, exchanges, payment fintechs, merchants, protocols, card networks, banks and investment platforms can join the Global Dollar Network to support innovation in global money movement.

Many stablecoins fall short of meeting the standards and consumer protections required by global enterprises. Further, enterprise adoption is restricted by outdated business models that levy high costs on blockchain ecosystems and the broader economy. These shortcomings hinder overall innovation and represent a lost opportunity for payments providers, custodians, exchanges and investment platforms seeking low-cost, safe stablecoin options. The Global Dollar Network is revolutionizing this market by offering a trusted stablecoin that provides proportionate economic benefits to all partners.

At the heart of the network is the Global Dollar (USDG), a new, safe and trusted stablecoin issued out of Singapore by Paxos that is substantively compliant with the Monetary Authority of Singapore's upcoming stablecoin framework. The network leverages the collective strengths of each of its partners to incentivize the development of both crypto and broader financial solutions involving USDG. Directed by a network advisory committee with partner representation, Global Dollar Network aims to reshape the stablecoin landscape, offering a solution that meets the stringent demands of global enterprises while promoting collaborative growth and innovation.

Nathan McCauley, CEO of Anchorage Digital, said: "Institutions gain an incredible set of opportunities with stablecoins: fast peer-to-peer and cross-border settlement, efficient trading capability and the chance to earn rewards on select stablecoin deposits. We're pleased to support the launch of Global Dollar Network that can bring these benefits to reality."

Arjun Sethi, Co-CEO at Kraken, said: "The lack of competition in the regulated stablecoin market has prevented the industry from reaching its full potential. USDG upends this dynamic with a more equitable model that will bring mainstream participants into the ecosystem and accelerate new stablecoin use cases."

Charles Cascarilla, CEO and Co-Founder of Paxos, said: "Stablecoins are replatforming the financial system and revolutionizing how people interact with US dollars and payments. However, the leading stablecoins are unregulated and retain all the reserve economics. Global Dollar Network will return virtually all rewards to participants and is open for anyone to join. It is designed to incentivize global stablecoin usage and accelerate societal wide adoption of this technology."

Johann Kerbrat, GM & VP of Robinhood Crypto, said: "Stablecoins have been proven to offer a bridge between traditional finance and cryptocurrencies, enabling faster, lower cost and more efficient transactions. We're pleased to support the Global Dollar Network's efforts to expand these opportunities, which align with our commitment to making financial access easier and more inclusive."

Tom Farley, CEO of Bullish, said: "Trusted stablecoins are essential in bridging the gap between crypto and traditional markets. By combining the efficiency of blockchain technology with robust prudential oversight, institutions can confidently engage with digital assets. We are proud to support the launch of the Global Dollar Network and pleased to expand the number of trusted stablecoins available to Bullish customers with the introduction of USDG."

Users of Anchorage Digital, Galaxy Digital, Kraken and Paxos can get USDG on these venues starting today. USDG will soon be available across all named distribution partners.

DBS Bank, Southeast Asia's largest bank by assets and recognized as the Safest Bank in Asia for 16 consecutive years by Global Finance, will serve as the primary banking partner at launch for cash management and custody of USDG reserves.

Businesses interested in joining Global Dollar Network can contact the team at www.globaldollar.com.

About Anchorage Digital
Anchorage Digital is a crypto platform that enables institutions to participate in digital assets through custody, staking, trading, governance, settlement, and the industry's leading security infrastructure. Home to Anchorage Digital Bank N.A., the only federally chartered crypto bank in the U.S., Anchorage Digital also serves institutions through Anchorage Digital Singapore and self-custody wallet, Porto by Anchorage Digital. The company is funded by leading institutions including Andreessen Horowitz, GIC, Goldman Sachs, KKR, and Visa, with its Series D valuation over $3 billion. Founded in 2017 in San Francisco, California, Anchorage Digital has offices in New York, New York; Porto, Portugal; Singapore; and Sioux Falls, South Dakota. Learn more at anchorage.com, on X @Anchorage, and on LinkedIn. 

About Bullish
With a focus on developing products and services for the institutional digital assets sector, Bullish has rewired the traditional exchange to benefit asset holders, enable traders and increase market transparency. Supported by the group's well-capitalized treasury, Bullish's centralized exchange combines a high-performance central limit order book (CLOB) with proprietary automated market making technology to deliver deep liquidity and tight spreads – all within a compliant and regulated framework. Launched in November 2021, the exchange is available in 50+ select jurisdictions in Asia Pacific, Europe, Africa, and Latin America. Bullish operates as a full-reserve exchange, and prioritizes compliance and safeguarding customer assets through robust security measures and regulatory oversight. Bullish exchange is operated by Bullish (GI) Limited and is regulated by the Gibraltar Financial Services Commission (DLT license: FSC1038FSA). For more information on the Bullish exchange, please visit bullish.com and follow LinkedIn and X.

About Kraken
Kraken is one of the world's longest-standing and most secure crypto platforms. Our mission is to accelerate the global adoption of crypto, so that everyone can achieve financial freedom and inclusion. Globally, Kraken clients trade more than 200 digital assets and 6 different national currencies, including USD, EUR, GBP, CAD, CHF, and AUD.

Founded in 2011, Kraken was among the first to offer spot trading with margin, parachain auctions, staking, regulated derivatives and index services under one roof. Trusted by over 13 million individuals, traders and institutions around the world, Kraken offers professional 24/7/365 client support along with one of the fastest, most performant trading platforms available. Kraken has set the industry standard for transparency and client trust, and was the first crypto platform to conduct Proof of Reserves.

About Paxos
Paxos is the leading regulated blockchain infrastructure and tokenization platform. Its products are the foundation for a new, open financial system that can operate faster and more efficiently. Today, trillions of dollars are locked in inefficient, outdated financial plumbing that is inaccessible to millions of people. Paxos is replatforming the financial system to enable assets to instantaneously move anywhere in the world, at any time, in a trustworthy way.

Paxos partners with leading global enterprises to tokenize, custody and trade assets. Its blockchain solutions are used by leaders like PayPal, Interactive Brokers, Mastercard, Mercado Libre and Nubank. Paxos is licensed to engage in virtual currency business activity by the NYDFS and is the issuer of numerous regulated digital assets including PayPal USD (PYUSD), Pax Dollar (USDP) and Pax Gold (PAXG). Its affiliate company Paxos International issues the yield-bearing regulated stablecoin Lift Dollar (USDL). Prudentially regulated by the NYDFS in the US, the MAS in Singapore and FSRA in Abu Dhabi Global Market, Paxos is a top-funded fintech company with more than $540 million raised from leading investors including Oak HC/FT, Declaration Partners, Founders Fund, Mithril Capital and PayPal Ventures.

About Robinhood
Robinhood Markets, Inc. (NASDAQ:HOOD) is on a mission to democratize finance for all. In the U.S., people can invest with no account minimums through Robinhood Financial LLC, a registered broker dealer (member SIPC), buy and sell crypto through Robinhood Crypto, LLC, and spend and earn rewards through debit cards with Robinhood Money, LLC and credit cards with Robinhood Credit, Inc. People can also trade U.S. stocks or FX fees in the UK through Robinhood U.K. Ltd., trade crypto in select jurisdictions in the European Union through Robinhood Europe, UAB, and access easy-to-understand educational content through Robinhood Learn. Robinhood uses the "Overview" tab of its Investor Relations website (accessible at investors.robinhood.com/overview) and its Newsroom (accessible at newsroom.aboutrobinhood.com), as means of disclosing information to the public in a broad, non-exclusionary manner for purposes of the U.S. Securities and Exchange Commission's ("SEC") Regulation Fair Disclosure (Reg. FD). Investors should routinely monitor those web pages, in addition to Robinhood's press releases, SEC filings, and public conference calls and webcasts, as information posted on them could be deemed to be material information. "Robinhood" and the Robinhood feather logo are registered trademarks of Robinhood Markets, Inc. All other names are trademarks and/or registered trademarks of their respective owners.

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SOURCE Paxos