By Paxos, Robinhood, Kraken, Anchorage Digital, Galaxy Digital, Bullish, and Nuvei, the stablecoin alliance "Global Dollar Network" (GDN) released an announcement on May 12, announcing the addition of 19 new members to accelerate the promotion of their dollar-backed stablecoin "Global Dollar" (USDG).
Who are the new GDN members?
According to the announcement, the 19 new members cover multiple domains, including crypto exchange BitMart, crypto custody institution Zodia Custody, wallet provider Arculus, and stablecoin payment companies Beam, FOMO Pay, AlfredPay, and Noah. Other joining members include crypto trading platforms CoinMENA, Rain, and Bitwyre, Turkish platforms BiLira and Paribu, Philippine exchange PDAX, London payment company Orbital, and crypto infrastructure providers Aquanow, Caliza, Rakkar Digital, Sling Money, and August Digital.
Additionally, according to The Block's report, GDN is currently in talks with more companies and expects to attract more well-known enterprises after the US stablecoin regulatory environment becomes clearer. The report notes that payment giant Visa had planned to join GDN but has not yet formally signed a contract.
It's worth mentioning that although the US stablecoin bill "GENIUS Act" was not passed in the recent Senate vote, Paxos strategy chief Walter Hessert optimistically stated: "We believe the Senate can find a solution to advance the GENIUS Act. The establishment of a federal framework will also promote the adoption of stablecoins like USDG and accelerate GDN's growth."
What is the Global Dollar Network (GDN)?
The Global Dollar Network (GDN) is an open alliance launched on November 5, 2024, aimed at accelerating global stablecoin adoption through its dollar-backed stablecoin USDG. Founding members include industry leaders like Paxos, Robinhood, and Kraken, and its members currently cover exchanges, custody institutions, payment companies, and infrastructure providers.
GDN's unique economic model involves redistributing nearly 97% of reserve revenues to partners, rather than being monopolized by the issuer, which is in stark contrast to traditional stablecoin models. GDN will distribute revenues monthly based on partners' custody, minting, and other activities to incentivize more companies to promote USDG.
What is USDG stablecoin?
According to public information, USDG (Global Dollar) is a dollar stablecoin issued by Paxos Digital Singapore, launched on November 1, 2024, and approved by the Monetary Authority of Singapore (MAS).
USDG operates on Solana and Ethereum Blocks and plans to expand to more MAS-approved Blocks. USDG offers efficient transactions (settled within minutes) and supports smart contracts, suitable for cross-border payments and DeFi applications. Paxos also publishes monthly reserve reports to ensure financial transparency and enhance market trust. Additionally, according to CoinGecko data, USDG's current market cap is approximately $300 million.
