Latest news with #Paxos
Finextra
4 days ago
- Business
- Finextra
Huma joins the Global Dollar Network
Huma has officially joined the Global Dollar Network (GDN) — a coalition of leading enterprises committed to accelerating the adoption of stablecoins through aligned incentives, regulatory clarity, and global utility. 0 Launched by Paxos and powered by Global Dollar (USDG), the network includes members such as Robinhood, Kraken, Anchorage, Nuvei, and Worldpay. USDG is a US dollar-backed stablecoin issued by Paxos Digital Singapore and is compliant with the Monetary Authority of Singapore's (MAS) upcoming stablecoin regulatory framework. Available on Solana, Ethereum, and other public blockchains approved by MAS, USDG supports fast, low-cost, and secure global money movement. Significantly, USDG's preferred blockchain is Solana—chosen for its unparalleled speed, efficiency, and scalability, making it ideally suited for powering real-time financial transactions. Currently, around $3.5 to $4 billion of daily stablecoin volume already occurs on Solana, highlighting its strong adoption and capacity for supporting global-scale financial operations. A Step Forward for PayFi Stablecoins have become a foundational layer of programmable finance—central to the future of PayFi and global liquidity—powering use cases from real-time settlement to cross-border payments. The Global Dollar Network builds on this momentum with a model designed to strengthen and scale the PayFi ecosystem. • Aligned incentives: Network revenue is shared with GDN partners who mint, transact, and hold USDG. • Regulatory confidence: USDG is designed to comply with MAS's forthcoming stablecoin framework, providing the trust institutions require. • Lower barriers to participation: Enterprises can tap into stablecoin benefits without launching their own asset. • Collaborative adoption: GDN fosters industry coordination to drive real-world stablecoin use cases across finance and commerce. Erbil Karaman, Co-Founder of Huma, said 'Stablecoins are ready to power global payments and fintechs, however single issuer stablecoins fail to create the network effect needed to accelerate adoption. That's why we are so excited to be joining GDN alongside many of our existing partners and bring the PayFi movement to the masses.' Huma's PayFi network has already facilitated over $4.5 billion in payment-backed transactions, addressing a global market exceeding $30 trillion annually. Stablecoins, such as USDG, have become essential financial infrastructure, processing over $35 trillion in transactions in 2024 alone, underscoring their critical role in the evolving financial landscape. Ronak Daya, Head of Product at Paxos, said 'Huma joins Global Dollar Network with a proven track record in delivering liquidity and credit solutions for global payments. Their infrastructure directly strengthens our network partners' ability to move money efficiently across borders. With significant stablecoin volume already on Solana, USDG is well positioned for adoption in remittance and money movement, an area in which Huma addresses critical challenges around liquidity and pre-funding.' Accelerating Always-On Financial Infrastructure As stablecoin adoption accelerates with regulatory clarity emerging with the GENIUS Act, Huma is positioned to capture the infrastructure opportunity ahead with this integration with Global Dollar Network.
Crypto Insight
5 days ago
- Business
- Crypto Insight
Tether debuts omnichain gold stablecoin on TON
Tether announced a partnership with the TON Foundation to debut an omnichain version of its gold stablecoin XAUt on The Open Network, in an effort to expand the token across ecosystems. The new token, 'XAUt0,' was built on LayerZero's Omnichain Fungible Token standard, which allows tokens to be transferred through blockchains without wrapping or middlechains. XAUt, the token's non-omnichain version, is the largest gold stablecoin by market capitalization, with over $832 million, according to CoinGecko. It is closely followed by Paxos's Pax Gold, which holds a market cap of $811 million as of June 2. XAUt is available only on the Ethereum blockchain. Tether has more than 7.7 tons of physical gold backing the XAUT stablecoin, according to the company's Q1 2025 attestation report. Each XAUt token represents one troy ounce of the global asset, which is reportedly being stored in a Swiss vault. XAUt0 may mimic Tether's rollout of USDT0 (USDT0), a crosschain dollar-backed stablecoin deployed across Optimism's Superchain, an ecosystem that has at least eight blockchains. USDT0 is a bridged token of Tether's USDt, the company's dollar-backed stablecoin. Tether also deployed USDt onto the TON blockchain in April 2024. Gold rises backed by economic uncertainty Gold is considered a safe-haven asset and, in 2025, has experienced a steep appreciation in price due to economic uncertainty, particularly due to ongoing global trade wars. Gold's price was at $3,304 per ounce on May 30, up $2,327 from a year ago — a 29.5% jump in 12 months. In addition, Gold exchange-traded funds (ETFs) have experienced significant gains year-to-date, with the eight top funds by total assets experiencing increases of more than 25%. Gold ETFs are a popular way to trade the asset. Tether's omnichain gold token will compete with similar ETFs and other traditional gold investment instruments. Source:
Yahoo
30-05-2025
- Business
- Yahoo
Global Dollar Network Announces USDG Launch on Ink Blockchain from Kraken
SINGAPORE, May 30, 2025 /PRNewswire/ -- Global Dollar Network (GDN) is proud to announce that Global Dollar (USDG) is now available on the Ink Blockchain. This significant launch marks a key milestone for USDG, as availability on Ink is bringing the next generation of stablecoins to a vibrant and innovative platform. The availability of USDG on Ink provides users and developers a stable asset for transactions, liquidity provision and interactions with a wide array of DeFi applications, all while leveraging USDG's inherent stability and utility. Issued by Paxos, USDG was built with distinct features to serve demanding onchain environments like Ink: Fully backed 1:1: Global Dollar (USDG) is a single-currency stablecoin pegged to the US dollar. USDG is fully redeemable from Paxos on a one-to-one basis for US dollars. Trusted and transparent: Paxos publishes monthly reserve reports for all Paxos-issued stablecoins, including USDG, to ensure full transparency and reliability of financial data. USDG powers Global Dollar Network: GDN is the world's fastest-growing stablecoin network with unmatched economic upside. Powerful integration: USDG is designed for deep integration, offering native performance on Ink while maintaining its Ethereum compatibility for broader accessibility. USDG is also available on Solana. "The launch of USDG on Ink furthers the mission of Global Dollar Network and benefits the stablecoin ecosystem at large," said Sergio Mello, Head of Stablecoins at Anchorage Digital on behalf of Global Dollar Network. "By integrating USDG with Ink, we are empowering users to confidently navigate and participate in the exciting opportunities within DeFi, backed by the reliability of USDG and the trusted environment of Kraken." "Stablecoins are evolving fast, and it's crucial for ecosystems to keep pace with demand for emerging options that are growing rapidly," said Andrew Koller, Founder of Ink. "USDG on Ink expands the freedom of choice and flexibility for anyone to move value with confidence." For more information about Global Dollar Network and how to join, visit About Global Dollar Network Global Dollar Network (GDN) is an open, distributed network of leading enterprises working to accelerate stablecoin adoption worldwide. Powered by Global Dollar (USDG), a US dollar-backed stablecoin issued by Paxos Digital Singapore, GDN offers a transparent and equitable economic model that rewards partners for their contributions. Founded by Anchorage Digital, Bullish, Galaxy Digital, Kraken, Nuvei, Paxos and Robinhood, GDN is revolutionizing the financial system by making it more accessible and efficient for all. CONTACT: press@ View original content to download multimedia: SOURCE Global Dollar Network Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
23-05-2025
- Business
- Yahoo
Global Dollar's USDG Eyes Hundreds of Partners Attracted by Yield, Sees 'Big Names' From TradFi
It's early days for USDG, a stablecoin that debuted in November, but a thousand firms could join the Global Dollar group that helps popularize the token in return for a share of the yield earned on reserve assets, according to crypto exchange Kraken, one of the founding partners. USDG, whose other backers include trading platform Robinhood (HOOD), stablecoin issuer Paxos, crypto investor Galaxy Digital and crypto bank Anchorage Digital, recently welcomed 19 new joiners, many of them crypto native firms. Banks and large traditional finance firms are also lining up, Kraken's consumer business lead Mark Greenberg said. 'There are 25-plus partners now, and I hope in another month, we'll be announcing the next 25, and then the next 25. So from 25 to 50 to 1,000," Greenberg said in an interview. "I'm very excited about some of the partners coming up in traditional finance and in crypto — big names on both sides. We're talking to a lot of banks and I think a few will be coming online soon.' The changing dollar stablecoin landscape has been dominated by two big players: Tether's USDT, far and away the largest at a market cap of over $150 billion, and Circle's USDC which commands a circulation of just over $60 billion. USDG has just $276 million, making it the 24th-largest stablecoin in a CoinGecko ranking. Paxos, the New York-regulated stablecoin specialist underpinning USDG, originally offered a contender to USDC and USDT in the form of tie-up with exchange giant Binance, but the partnership was discontinued for regulatory reasons. Greenberg said Global Dollar is a 'true consortium,' and Paxos is a distribution partner, albeit with some particular administrative duties. 'We are building a decentralized community around the stablecoin, with yield that goes back to everybody,' Greenberg said. 'Some of us are founding partners, and if we were a property company, Paxos would be the property management. They make sure that the licenses are in place and that the treasuries are handled properly and that the minting is done. But it's on all of us to be equal partners in making the Global Dollar network a success.' Driving the consortium's growth is the offer of yield, which both incentivizes firms to join up, and also reimagines stablecoins as part of the wider financial system, Greenberg said. It's also how USDG plans to challenge the dominance of Tether and Circle. 'I believe in decentralization over centralization. I believe in giving the value back to users, and USDG is doing that in a way that you can't with Circle or Tether today,' said Greenberg. 'Tether and Circle make a lot of money. In banking you give your deposits and they do things with it, but you get almost nothing back. But stablecoins shouldn't be like that.' Kraken moves a lot of money around the world and naturally the firm has been using USDG, eating its own dog food, in business innovation parlance. 'We use global dollars and the USDG all over the world,' Greenberg said. 'You send a wire and it can take four or five days and get stuck in some random bank along the way. That's already changing really fast. And you see players like Visa and MasterCard and others come to the table and stablecoins start to play that role in a much bigger way.' Kraken's clients are also taking advantage of earning up to 4.1% on U.S. dollars in every country in the world by putting their money in USDG, Greenberg added. 'If you're in the U.S., maybe that's not that exciting, because there are other ways to do that. But if you're in Argentina, or if you're in Canada, where there are no U.S. dollar accounts and earning 4.1% is unheard of, it's a very cool opportunity to make that happen.' UPDATE (May 22, 16:22 UTC): Rewrites headline, first paragraph to make clear Global Dollar is the name of the consortium, USDG the name of the stablecoin.
Yahoo
22-05-2025
- Business
- Yahoo
Stablecoins Are About to Hit ‘Critical Mass' While 2027 Seen as Pivotal Year
The race to define the future of money is speeding up—and according to industry leaders, stablecoins are right at the center. 'It's clear that the most important item on our roadmap is understanding how quickly we can move, and it's obvious that the next three years are the fastest we will ever see in the development of digital assets,' said Sergio Mello, head of stablecoins at Anchorage Digital during Paxos' Global Dollar Network event in New York City. '2025 will have clarity here, 2026 will have clarity elsewhere, and 2027 is when it's all going to happen.' Mello wasn't speaking in hypotheticals. From his vantage point inside one of the first federally chartered crypto banks in the U.S., he sees stablecoins not as niche financial instruments but as a foundational upgrade to the global monetary system. 'Stablecoins are a better representation of fiat, a better way to transfer fiat, but it's really just money that you're moving,' he said. 'We're merging the transport layer and the value layer into the same instrument.' This evolution of money is far from theoretical. According to Mello, industry players across payment networks, custodians, and financial service providers are laying the groundwork for what he called a 'critical mass' of institutional adoption — something he predicted will hit within the next 12 to 24 months, especially in payments. 'That's where the money is going,' he said. Stablecoins were once seen as tools for crypto speculators or offshore arbitrageurs. However, according to Raj Dhamodharan, EVP at Mastercard, that perception is shifting fast. Stablecoins now function as the 'money movement layer' across increasingly mainstream use cases, he said, adding that cross-border remittances, B2B payments, and even retail spending are already seeing traction. For example, Mastercard is enabling cards where users can choose which currency — fiat or stablecoin — they want to spend, while merchants can choose what they want to receive. 'We've started doing that with cards. We've started doing that with remittances,' Dhamodharan said. Ahmed Zifzaf of Worldpay echoed this, describing how their customers use stablecoins for real-time treasury management. 'You can start to see how you accelerate all of these payment and financial flows,' he said, noting that Worldpay is focused on working with 'battle-tested' blockchains like Solana to scale those efforts. Still, not every financial institution is rushing in. 'What constraints do you have because you are a bank?' asked Luca Cosentino of Cross River. The barriers are real, he said — legacy tech stacks, compliance risk, and cultural resistance all slow the pace of innovation. But the split in strategy is becoming clear. 'Certain banks are not going to touch crypto [...] some others will focus on custody [...] some others are going to be focused on money movements,' he said. 'But I have very little doubt that a huge portion of the banks [...] is going to go into crypto one way or another.' Sunil Sachdev from Fiserv noted the same divide. 'We had about 12 banks ready to go,' he said, describing how new rules under SAB 121 effectively froze many of those plans. 'Then everything, in just one day, kind of closed shop.' But the interest hasn't gone away, particularly among smaller banks. 'The bigger guys seem to be cautious,' he said. 'The smaller banks are much more aggressive because they're looking to use this as an opportunity to bring in low-cost deposits. They're looking at this as an opportunity to differentiate themselves.' He painted a vivid picture of how a small-town bank might evolve: three branches, deep community ties, and now a road map to become a 'trusted node' in a global blockchain network, offering tokenized financial products not available elsewhere. While many in the industry assume institutions will lead adoption, Kraken's Mark Greenberg isn't so sure. 'Americans might be actually some of the last groups to adopt a global dollar,' he said. But outside the U.S., demand is strong. 'I do believe a global dollar is better than holding fiat, and we're going to see it,' he said, adding that this is more important in countries where inflation erodes value and yield is scarce. And it won't just be used for savings. 'You save your money there; you use a card there. At some point, you transfer to your friends, you pay your bills,' he said. 'And maybe you buy a meme coin or a stock.' Mike Dudas of 6th Man Ventures suggested the app layer will drive consumer behavior. Stablecoins 'is the fundamental thing that people need to be able to store value in,' he said. 'And now, because of Visa, Mastercard, and off-ramp providers, I can actually spend those dollars I get.' Sheraz Shere of the Solana Foundation added that the infrastructure now exists to support those ambitions. 'There's this assumption that TradFi infrastructure is good,' Greenberg said. 'There are outages there [TradFi institutions] too.' Instead of talking up performance, he said the best strategy is to let results speak for themselves. 'The less we talk about it, the better it is.' While stablecoins are often discussed through the lens of innovation and financial inclusion, policymakers may be thinking about something more immediate: demand for U.S. debt, according to former CFTC chair Chris Giancarlo. '95% of the driving force behind stablecoin legislation is to create more demand for U.S. Treasuries,' he said. 'The remaining 5% is simply working out which regulator gets oversight.' It's not a crypto-driven narrative, Giancarlo argued. Stablecoins are now being viewed as a way to bolster the U.S. dollar's global role by digitizing and distributing it at scale. 'Stablecoins have demonstrated that the global demand for dollars far outstrips the supply in an analog world, and the beauty of stablecoins is meeting that demand,' he said. Jonathan Levin, CEO of Chainalysis, said banks are entering the space cautiously, with more focus on asset stability and market contagion than most crypto-native firms. 'When it comes to banks, they look at it and they're saying: I need to not just understand the stability of my asset, I need to understand the stability of everyone else's assets.' According to Levin, data will be key. Issuers need to track performance across thousands of currency pairs and venues, while also managing risks without compromising decentralization. 'That's a data challenge that is going to be vital,' he said. As legislative efforts advance in Washington, many panelists agreed that durable rules—on reserves, on-ramps, disclosures — are overdue. But the opportunity ahead is bigger than compliance. 'The bottom line is, even if the politicians are focused on demand for treasuries, it's in the American interest to have the dollar continue to serve as the world's reserve currency,' Giancarlo said. By the end of the day, one theme cut across all four panels: stablecoins are no longer an experiment. Whether small banks are searching for relevance, corporations are chasing faster settlements, or regulators are responding to Treasury market pressure, the stablecoin ecosystem is moving fast—and the road to 2027 could decide how global finance is wired for the next generation.
