A “global monetary movement”. One of the revolutions in the sector cryptocurrencies develops in parallel with significant returns from the ecosystem. This is the burgeoning field of digital stability, with stablecoins most often backed by the USD dollar. The success is such that even the traditional banks embark on this adventure, within which the company Paxos is already a historic player. This is why she has just announced a new initiative called Global Dollar Networkin partnership with giants of the crypto and fintech sector. All developed around its regulatory correct stablecoin USDG.
Paxos launches Global Dollar Network
The company Paxos is a historic player in the booming stablecoin sector. A position which will not have brought him only good experiences. Just remember the affair of the BUSD stablecoin developed on behalf of Binancenullified by the US SEC.
An adventure which has visibly left its mark. Because since that time, the Paxos company has been trying to build a legally correct identity from Singapore. But this without ever forgetting to be innovative, as in the case of its “yield-bearing” stablecoin Lift Dollar (USDL).
Because the real current issue of this digital stability ecosystem is undoubtedly regulatory. And establishing itself as the leader like Tether (USDT) is clearly not enough to escape from problems that this paradigm shift implies.
Could this be one of the reasons for the recent merger carried out by Paxoswith crypto and fintech companies Anchorage Digital, Bullish, Galaxy Digital, Kraken, Nuvei and Robinhood? The objective is in any case very clear: to establish the development of the project Global Dollar Network.
Increasing adoption of stablecoins with real-world use cases
So far, the development of stablecoins implied their implementation on a case-by-case basis on the main available blockchains. Even more so with an Ethereum network whose excessively high fees made any operation almost impossible.
A sluggish interoperabilityaccording to Paxos specialists. With adoption strongly “limited by outdated business models which impose high costs on blockchain ecosystems and the economy in general.” And stablecoins too often outside of necessary legal frameworks.
“These gaps hinder overall innovation and represent a lost opportunity for payments providers, custodians, exchanges and investment platforms seeking low-cost and secure stablecoins. The Global Dollar Network is revolutionizing this market by offering a trusted stablecoin that provides proportionate economic benefits to all partners. »
Paxos
A solution at the center of which will be the stablecoin USDG of Paxos. The latter is able, according to Kraken Co-CEO Arjun Sethi, to take full advantage of the “ lack of competition on the regulated stablecoin market.
The project Global Dollar Network wishes to establish itself as the regulatory champion of the stablecoin sector. A solution open to all companies wishing to join this “global monetary movement”. Because these stable cryptocurrencies have become much more than just a crypto trading tool. And many other possible use cases remain to be discovered.
