Seven Cryptocurrency Giants Released a New Coin: Here’s Why!

The Global Dollar (USDG) stablecoin, which stands out as an innovative move in the cryptocurrency world, is preparing to start a transformation.
 Seven Cryptocurrency Giants Released a New Coin: Here’s Why!
READING NOW Seven Cryptocurrency Giants Released a New Coin: Here’s Why!

Drawing attention as an innovative move in the cryptocurrency world, the Global Dollar (USDG) stablecoin is preparing to initiate a major transformation in the industry. Introduced in collaboration with leading cryptocurrency companies, USDG was developed as a stablecoin pegged one-to-one to the US dollar. This new model, unlike existing stablecoin systems, aims to distribute the majority of the income from reserve assets to business partners in the network, ensuring that participants gain profit and that stablecoin use spreads globally.

New coin attracted attention in the cryptocurrency market

Leading cryptocurrency companies (Anchorage Digital, Robinhood, Galaxy Digital, Bullish, Kraken, Nuvei and Paxos) have introduced the Global Dollar (USDG) stablecoin, aiming to reshape the stablecoin world. This new stablecoin aims to simplify diversity in the stablecoin space and accelerate adoption. USDG, which will have a one-to-one (1:1) parity with the US dollar, is also designed in accordance with the regulations of the Monetary Authority of Singapore (MAS). One of the most notable features of USDG is that nearly 100% of the income from reserve assets is distributed back to partners in the network, thus benefiting the entire network rather than just the issuing organization.

USDG will serve as the building block of open source smart contracts, allowing developers to create new financial products and services using this token. Starting from November 5, users from many sectors such as traders, investment platforms, banks, payment fintech companies, cryptocurrency exchanges will be able to join this new network and support providing innovative solutions for global financial transactions.

Will the new stablecoin create a “revolution”?

Introduced by the Global Digital Network, the main purpose of USDG is to initiate a new transformation in the cryptocurrency industry by encouraging the use of stablecoins. Up to 100% of the earnings from USDG reserve assets on the platform will be refunded to business partners, aiming to make stablecoin usage more widely available. According to market experts, while many existing stablecoins fail to meet user security and industry standards, USDG is expected to offer consumer-friendly financial solutions thanks to its partners.

Anchorage Digital CEO Nathan McCauley stated that this new system will give institutions speed in cross-border payments and peer-to-peer transactions, as well as offer the opportunity to earn returns on USDG deposits. It was announced that the Global Dollar Network will be managed by an advisory committee that will ensure the development of solutions that meet the needs of the industry and that innovation and growth will be encouraged in collaboration. McCauley emphasized that USDG is an important opportunity for institutional users.

Charles Cascarilla, CEO and co-founder of Paxos, noted that stablecoins are restructuring the financial system and revolutionizing the way users interact with the US dollar and payments. Arjun Sethi, co-CEO of Kraken, noted that the lack of competition in the regulated stablecoin market is limiting the industry’s development and stated that USDG is a strong model that can fill this gap. Johann Kerbrat, General Manager of Robinhood Crypto, also said that USDG will restructure the financial system and offer faster, lower-cost and more efficient transactions in payment processes.

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