Launched by Paxos and Available on Kraken and Gate, USDG is a Fully Regulated, Global USD-Stablecoin That is Compliant with MiCA and Now Available in the EU
Global Dollar (USDG), a global stablecoin regulated by EU’s Markets in Crypto-Assets (MiCA), the Finnish Financial Supervisory Authority (FIN-FSA), and the Monetary Authority of Singapore (MAS), is launching to consumers across the European Union today. Backed by Global Dollar Network (GDN) and issued by Paxos, USDG is a fully compliant, global stablecoin and is now available in this market, opening up access to over 450 million consumers in 30 countries.
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As Europe’s crypto ecosystem is growing exponentially, so too is the demand for U.S. dollar-backed stablecoins. USDG will make a significant impact as a regulated option available to European consumers, now available from trusted industry partners, including Kraken, Gate, Coinmetro, SwissBorg, Zodia Custody, Orbital, Hercle, CoinsPaid, Bitwyre, Bitnet and HiFi. USDG is currently available on Solana, as well as Ethereum and Ink.
“As demand for stablecoins continues its rapid ascent, Paxos is incredibly proud to introduce USDG to the European market,” said Walter Hessert, Head of Strategy at Paxos, the issuer of USDG. “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.”
“As stablecoins become core infrastructure for global finance, USDG stands out for its usability and growing ecosystem,” said Mark Greenberg, Global Head of Consumer at Kraken. “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.”
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USDG powers Global Dollar Network, an open network designed to accelerate stablecoin adoption worldwide. Partners including Anchorage Digital, Kraken, Paxos, Robinhood, Worldpay and 20+ other industry-leading fintechs and financial services companies are uniting resources and expertise to increase stablecoin adoption and expand real world use cases in the region and around the world. Mastercard and Fiserv recently announced they will join this growing ecosystem of industry-leading companies.
Since the launch of the USDG in November 2024, Paxos’ issuance of USDG from Paxos Digital Singapore Pte. Ltd. has been substantially compliant with the Monetary Authority of Singapore’s (MAS) upcoming stablecoin framework. Fulfilling requirements under the EU’s Markets in Crypto-Assets (MiCA) regulation necessitates that Paxos Issuance Europe, which is regulated by FIN-FSA, holds a portion of USDG reserve assets with European banking partners. With this development, Paxos is in close consultation with MAS on a transition plan to remain substantively compliant with MAS’ upcoming stablecoin framework. Meanwhile, safeguards are in place to ensure that USDG will always be redeemable at par by all holders regardless of where they are redeemed, in accordance with the regulatory requirements of both the MAS and EU.
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Paxos remains committed to being substantially compliant with MAS’ upcoming stablecoin framework. MAS is a globally recognized regulator and a forward-thinker in digital asset regulation. The MPI license granted to Paxos highlights the company’s standing as a regulated service provider that is subject to MAS’s oversight, fostering trust and adoption for digital assets like USDG.
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Source: prnewswire
