Latest news with #USDG
Int'l Business Times
6 days ago
- Business
- Int'l Business Times
Huma Joins the Global Dollar Network to Advance Stablecoin Adoption on Solana
San Francisco, California, June 4th, 2025, Chainwire 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. 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. Learn more about Huma's PayFi network here or explore USDG integration here. About Huma Huma Finance is the first PayFi network accelerating global payments with instant liquidity through regulatory-compliant infrastructure. Processing over $4 billion in transactions, Huma bridges traditional and decentralised finance, enabling real-time settlement and sustainable yields backed by payment flows. As the leader in payment financing, Huma's network addresses a total market estimated at over $30 trillion, providing an innovative payment infrastructure that transforms how money moves globally. Contact Account Manager Andrew Wickerson YAP Global andrew@
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
14-05-2025
- Business
- Yahoo
Stablecoins Bring 'Meaningful Innovation for Global Payments,' Ripple Exec Says
Stablecoins are shifting from tools for crypto traders to the backbone of global finance and represent a "meaningful innovation for global payments," Jack McDonald, senior vice president of stablecoins at Ripple, said on Wednesday at Consensus 2025 in Toronto. Speaking at a recent panel alongside crypto exchange Kraken's head of consumer Mark Greenberg, McDonald argued the rise of stablecoins marks an "evolution" in how money moves globally. "It's an alternative way of making a U.S. dollar payment, but doing it in a frictionless, cost-effective way," he said. Ripple's entry into the space with RLUSD, a fully backed and regulated stablecoin, is part of a broader push to replace outdated, fragmented cross-border payment systems. 'We've seen the use of stablecoins in payments, and that was a main driver for us getting into the business,' McDonald said. Greenberg underscored the inefficiencies of the current financial system. 'It is way, way too hard to move money around the world,' he said. 'Stablecoins are the answer for that, and I think what we're seeing now is a tipping point.' Kraken is a founding member of the Global Dollar Network, a consortium of crypto and traditional finance firms that issues the USDG stablecoin. Both executives said that yield-bearing stablecoins will be the next frontier—but regulators aren't there yet. "If you're holding deposits, you should be able to earn on those deposits,' Kraken's Greenberg said, though he noted differing regulatory stances across jurisdictions. For example, USDG cannot pay yield in the European Union according to MiCA rules. McDonald said that Ripple want to offer yield on its stablecoin but would need to register RLUSD as a security in the U.S. 'That's a whole different journey,' he said. In the next five years, both executives agreed that stablecoins are set to reshape traditional finance as they become more ubiquitous. McDonald pointed to Ripple's acquisition of prime broker Hidden Road as a key step toward using stablecoins as collateral and cross-margin in capital markets. Greenberg said he sees stablecoins become so embedded in the financial system that 'no one talks about them anymore—just like no one talks about SWIFT or wires.'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
16-04-2025
- Business
- Yahoo
Circle's EURC Stablecoin Surges 43% to Record Supply as Dollar Troubles Fuel Demand
Circle's euro-backed stablecoin, EURC, surged to a record supply as mounting U.S. trade tensions and a weakening dollar likely fuel demand for euro-denominated digital assets. EURC's supply grew 43% over the past month to 217 million tokens worth $246 million, ranking above Paxos' Global Dollar (USDG) and below Ripple's RLUSD by market capitalization, data shows. Most of the EURC tokens circulate on the Ethereum network, up 35% in a month to 112 million, while Solana saw the fastest, 75% expansion to 70 million tokens. Base, Coinbase's Ethereum layer-2, also saw a 30% growth to 30 million in EURC supply. The token also experienced an uptick in on-chain activity, with active addresses rising 66% to 22,000 and the monthly transfer volume surpassing $2.5 billion, up 47% in a month, per EURC is currently the largest euro stablecoin on the market, but it lags far behind its dollar-denominated counterparts. Dollar-pegged stablecoins make up 99% of the rapidly growing stablecoin market, led by Circle's $58 billion USDC and rival Tether's $143 billion USDT token. The accelerating growth of EURC could be a sign of growing demand for diversification to euro-denominated digital assets, particularly as global investors navigate increasing economic uncertainties in the U.S. with the Trump administration wide-scale tariff rollout. The greenback weakened 9% against the euro since the start of the year. Xapo Bank, a Gibraltar-based Bitcoin-focused financial services firm, reported Monday a 50% increase in euro deposit volumes during the first quarter, outpacing the 20% rise in USDC stablecoin deposits. Meanwhile, deposits in USDT declined by over 13%. "This rapid increase in volume came amidst mounting concern about the future of U.S. dollar primacy and the threat of a U.S. recession as markets braced for Trump's planned 'Liberation Day' in April," the firm said in the report. Stablecoin swap volumes between foreign currency pairs on Ethereum-based decentralized exchanges also soared to multi-year highs last week, dominated by the EUR-U.S. dollar pair, Blockworks data showed. EURC also has likely benefited from Tether's withdrawal of its euro-backed stablecoin (EURT) with E.U.-wide MiCA regulations going into effect this year, while a number of exchanges delisted USDT for E.U. users to comply with regulations, including Binance at the end of March. Sign in to access your portfolio
