Global Dollar Stablecoin Expands to Solana, Enhancing Multichain Presence

The Global Dollar Network has announced the expansion of its U.S. dollar-pegged stablecoin, Global Dollar (USDG), to the Solana blockchain. This move marks a significant milestone in the stablecoin’s multichain strategy, following its initial launch on Ethereum in November 2024.

Regulatory Compliance and Partnerships

Paxos Digital Singapore Pte. Ltd, the issuer of USDG and an affiliate of Paxos, is regulated by the Monetary Authority of Singapore. The company has partnered with various institutions, including Anchorage Digital and Kraken, to facilitate access to USDG on Solana for institutions.

The Global Dollar Network has also collaborated with several partners, including alfred, Caliza, Noah, Rain, and Sling Money, to drive USDG adoption on Solana. These partnerships aim to promote the use of USDG for card payments, cross-border transfers, remittances, and treasury management.

“The launch of USDG on Solana will accelerate stablecoin adoption for payments and finance at a global scale, and unlock new opportunities for businesses and retail users alike.”

— Lily Liu, President of the Solana Foundation

Market Growth and Competition

The stablecoin market has experienced significant growth, driven by regulatory changes and increasing adoption. While Tether’s USDT and Circle’s USDC dominate the market, other players like Paxos are expanding their presence in emerging markets, including Latin America, the Middle East, and Africa.

Paxos offers a suite of stablecoin products, including Pax Dollar (USDP), Pax Gold (PAXG), PayPal USD (PYUSD), and the yield-bearing stablecoin Lift Dollar.

Tips for Stablecoin Adoption

When considering stablecoin adoption, keep the following points in mind:

  • Look for stablecoins with strong regulatory compliance and partnerships.
  • Consider the potential use cases, such as card payments and cross-border transfers.
  • Understand the market landscape and competition.
  • Stay informed about regulatory changes and market trends.

For more news and updates on the world of cryptocurrencies and stablecoins, visit Global Crypto News.

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