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Paxos has launched its stablecoin, Global Dollar (USDG), in the European Union, with the rollout beginning on 1 July.
Regulated under the EU’s Markets in Crypto-Assets (MiCA) framework and overseen by both the Finnish Financial Supervisory Authority (FIN-FSA) and the Monetary Authority of Singapore (MAS), USDG is now accessible to over 450 million consumers across 30 countries.
The stablecoin is available through platforms including Kraken, Gate, Coinmetro, SwissBorg, Zodia Custody, Orbital, Hercle, CoinsPaid, Bitwyre, Bitnet and HiFi.
It is supported on Ethereum, Solana and Ink blockchains.
USDG underpins the Global Dollar Network (GDN), an open ecosystem backed by companies such as Robinhood, Anchorage Digital, Worldpay, Mastercard and Fiserv.
It aims to accelerate adoption of stablecoins in real-world financial use cases.
Founding members include Paxos, Kraken, Robinhood, Bullish, Galaxy Digital, Nuvei and Anchorage Digital.
The token was first issued in November 2024 by Paxos Digital Singapore Pte. Ltd. and has remained substantially compliant with Singapore’s upcoming stablecoin framework.
With its entry into the European market, Paxos Issuance Europe will now hold a portion of USDG reserves with European banking partners to meet MiCA requirements.
The company said it continues to work closely with MAS on a transition plan to ensure ongoing compliance.
USDG will remain redeemable at par for all holders, regardless of where it is redeemed.
Walter Hessert
“USDG is a fully regulated global USD-stablecoin that is compliant with MiCA and now available in the EU, a testament to our commitment to offering global digital assets that are supervised by prudential regulators and also meet 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.”
said Walter Hessert, Head of Strategy at Paxos, the issuer of USDG.
Mark Greenberg
“As stablecoins become core infrastructure for global finance, USDG stands out for its usability and growing ecosystem.
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.
Featured image: Edited by Fintech News Singapore, based on image by kat_ka via Freepik
