Zhitong Finance has learned that issuer Paxos released the US dollar-pegged stablecoin Global Dollar (USDG-USD) to users across the EU on Tuesday. The statement stated that the stablecoin is supported by retail trading platform Robinhood (HOOD.US), payment giant Mastercard (MA.US) and crypto exchange Kraken and will be launched in the EU soon.
This implementation will enable more than 450 million consumers in 30 countries to gain access to USDG. The token has been certified by the EU’s Crypto-Asset Market Regulation (MiCA) and is regulated by the Finnish Financial Supervisory Authority (FIN-FSA) and the Monetary Authority of Singapore (MAS).
USDG is issued in Europe by Paxos Issuance Europe OY, a Finnish entity regulated by the Finnish Financial Supervisory Authority and structured to comply with the EU’s new crypto-asset market framework. Paxos will store part of USDG's cash reserves in European banks and commit to one-on-one redemptions to meet MiCA's strict support and auditing rules.
Despite the EU's strict cryptocurrency laws, demand for U.S. dollar-pegged currencies has surged, according to Paxos data. The company expects USDG to compete for market share with other regulated stablecoins, such as Circle (CRCL.US)USDC, which is the first stablecoin to obtain a MiCA license and is currently the largest MiCA-compliant token.
Launched in November 2024, USDG supports the Global Dollar Network (GDN), a consortium of industry leaders dedicated to promoting the adoption of stablecoins. Companies including Robinhood, Kraken, Paxos, Anchorage, Nuvei, Bullish and Galaxy are among its founding partners.
"This move comes at a time when demand for stablecoins is rising rapidly," said Walter Hessert, head of strategy at Paxos.
Recently, during the first Ethereum Community Conference in Europe, the US stock brokerage giant Robinhood officially announced the launch of the most ambitious encryption product suite in history, launching a series of new cryptocurrency-related products, including tokenized stocks, exchange-traded funds, encrypted perpetual futures and encrypted pledge services.
This series of initiatives not only enhances Robinhood’s core competitiveness in the crypto market, but also marks the formation of “tokenized Wall Street.”
