Robinhood and Kraken Launch New Global Stablecoin Network With Paxos' USDG 13
Leading fintech and digital asset firms, including Robinhood, Kraken and Galaxy Digital, have introduced a joint stablecoin pegged to the U.S. dollar. Called the Global Dollar Network, it seeks to enhance the stablecoin market by lowering transaction costs, boosting consumer protections, and facilitating cross-border transactions with rewards for institutional participants. Crypto Briefing reports: The network will utilize Paxos's new stablecoin, the Global Dollar (USDG), which complies with the Monetary Authority of Singapore's upcoming stablecoin framework. USDG is designed to return yield on reserve assets to participants who contribute to its adoption, encouraging the development of crypto and financial solutions using the token. The Global Dollar Network aims to address shortcomings in the stablecoin market, such as high transaction costs and limited consumer protections.
The network has opened an invite-only phase for select custodians, exchanges, payment processors, merchants, and banks to develop new solutions using USDG. Initial distribution is available on Anchorage Digital, Galaxy Digital, Kraken, and Paxos platforms, with plans to expand access through additional partners in the coming months.
The network has opened an invite-only phase for select custodians, exchanges, payment processors, merchants, and banks to develop new solutions using USDG. Initial distribution is available on Anchorage Digital, Galaxy Digital, Kraken, and Paxos platforms, with plans to expand access through additional partners in the coming months.
Crypto isn't dead yet? (Score:2)
Haven't they sucked up all the dumb money, yet? There can't possibly be enough untapped dumb money left to make it worth this effort.
Re: (Score:3)
There is a sucker born every minute...
The other thing is, the longer this crap stays around, the more people get FOMO and decide to be part of the "revolution". Does help that a well-known convicted criminal, scammer and rapist advertises for it. Who knows, maybe he will deploy the national guard against everybody that does not have crypto assets or eats dogs and cats. Or if the world is lucky, he will go to prison or a closed mental institution. It is almost like the Joker was running for office.
sounds completely legit (Score:2)
Robinhood, Kraken, Paxos, Singapore...new stablecoin...designed to return yield on reserve assets to participants who contribute to its adoption.
This is bubbling over with trust.
"Stable" "coin" (Score:2)
Funny how neither of these things mean what people think they mean.
Re: (Score:2)
You haven't really demonstrated you know how DLTs work.
Re: (Score:2)
And you have? Funny you should bring that up...
Like the USD (Score:2)
That’s the business case.
Re: (Score:2)
USDG is designed to return yield on reserve assets (Score:1)
So a pyramid scheme.
Re: USDG is designed to return yield on reserve as (Score:2)
Uh, no. A reverse funnel scheme.
Stable = useless (Score:1)
It's just getting sad in the cryptobro world.
Anything pegged to the US Dollar is effectively ... a US Dollar. The dollar depreciates every day and so does anything pegged to it. That's why people invest in other instruments (like stocks, bonds, money market accounts, real-estate, etc.) to keep the value up as the dollar value decreases.
It doesn't matter if you call it inflation (the dollar is worth less) or "shrinkflation" (you can buy that same pack of hot dogs but now is 8oz not 12oz) or whatever. If y