Paxos Launches Global Dollar (USDG) Stablecoin in the EU

The Global Dollar (USDG), a fully regulated stablecoin backed by the US dollar, has officially been launched across the European Union, according to Paxos. This development marks a significant milestone in the expansion of digital assets within the EU, aligning with the Markets in Crypto-Assets (MiCA) regulations.

Regulatory Compliance and Market Reach

USDG, issued by Paxos, is compliant with regulatory standards set by the Finnish Financial Supervisory Authority (FIN-FSA) and the Monetary Authority of Singapore (MAS). This launch opens up the stablecoin to over 450 million consumers in 30 European countries, providing a regulated digital currency option for the growing crypto market.

Partnerships and Platforms

Available on platforms such as Kraken and Gate, USDG is part of the Global Dollar Network (GDN), which includes notable fintech partners like Anchorage Digital, Mastercard, and Robinhood. The network aims to accelerate the adoption of stablecoins worldwide, leveraging the expertise and resources of its partners to increase real-world applications.

Impact on the European Crypto Ecosystem

With the European crypto landscape evolving rapidly, the introduction of USDG provides a stable, compliant option for digital transactions. Walter Hessert, Head of Strategy at Paxos, emphasized USDG's role in meeting high consumer protection standards while expanding the digital dollar economy in Europe.

Mark Greenberg, Global Head of Consumer at Kraken, highlighted the stablecoin's usability and the growing ecosystem, stating that it enhances client tools for navigating the crypto economy.

Future Developments and Compliance

Since its initial issuance in November 2024, USDG has adhered to MAS's upcoming stablecoin framework. Paxos is actively engaging with MAS to ensure continued compliance, with safeguards in place to maintain the stablecoin's redeemability at par value globally.

Paxos continues to solidify its position as a leading fintech company, regulated by authorities such as FIN FSA, NYDFS, and FSRA. This strategic positioning fosters trust and adoption of digital assets like USDG.

For more information, visit the official Paxos website.