Stacy Pereira
Paxos has officially launched the Global Dollar (USDG), a U.S. dollar‑pegged stablecoin, that will now be available across the European Union. Regulated under the EU’s Markets in Crypto‑Assets (MiCA), overseen by Finland’s FIN‑FSA and backed by Singapore’s MAS, USDG will be available to over 450 million consumers in 30 countries.
The Global Dollar Network, is a stablecoin ecosystem that has partnered with Anchorage Digital, Kraken, Mastercard, Paxos, Robinhood, Worldpay, and 20+ other industry-leading fintechs to roll out this service.USDG is currently available on Solana, as well as Ethereum and Ink. The stablecoin will be fully redeemable from Paxos on a one-to-one basis for U.S. dollars. All USDG token holders in the EU have a right of redemption against PIE at any time and at par value for USDG.
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Walter Hessert, Head of Strategy at Paxos, said that the token meets the highest standards of consumer protection. “We’re excited to partner with some of the leading players in Europe to bring this leading standard of compliance to more than 450 million consumers in the European Union,” he added.
“Our focus is always on giving clients better tools to navigate the crypto economy, and supporting USDG’s expansion into Europe helps us connect more clients to the digital dollar economy,” said Mark Greenberg, Global Head of Consumer at Kraken
In order to make comply with EU’s Markets in Crypto-Assets (MiCA) regulations, Paxos Issuance Europe, which is regulated by FIN-FSA, needed to hold a portion of USDG reserve assets with European banking partners, a press release by Global Dollar said. The stablecoin issuer vowed that it has put safeguards in place to ensure that USDG will always be redeemable at par by all holders, regardless of where they are redeemed, under the regulatory requirements of both the MAS and the EU.
