USDG is regulated by the EU’s Markets in Crypto-Assets (MiCA), the Finnish Financial Supervisory Authority (FIN-FSA) and the Monetary Authority of Singapore (MAS), the stablecoin’s issuer, Paxos, said in a Tuesday (July 1) press release.
Paxos Head of Strategy Walter Hessert said in the release that the MiCA compliance and the launch in the EU showcase its 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,” Hessert said.
USDG powers Global Dollar Network, an open network for stablecoin adoption that includes Paxos, Anchorage Digital, Kraken, Robinhood, Worldpay, and more than 20 other FinTechs and financial services companies, according to the release.
Mastercard and Fiserv recently announced that they will join Global Dollar Network, per the release.
The Global Dollar Network announced the launch of the USDG stablecoin in November, saying the consortium aimed to accelerate the use of stablecoins worldwide and promote an asset that provides proportionate economic benefits to its partners.
In a press release announcing the launch of the Global Dollar Network, Paxos CEO and Co-Founder Charles Cascarilla said it will incentivize global stablecoin usage.
“Stablecoins are replatforming the financial system and revolutionizing how people interact with U.S. dollars and payments,” Cascarilla said. “However, the leading stablecoins are unregulated and retain all the reserve economics. Global Dollar Network will return virtually all rewards to participants and is open for anyone to join.”
Mastercard announced its plans to join the Global Dollar Network on June 23, saying that this move will allow Paxos to enable any Mastercard institution to mint, distribute and redeem USDG stablecoins to their customers.
“Mastercard is bringing the power of its global franchise to support a growing portfolio of regulated stablecoins from issuers around the world,” Mastercard Chief Product Officer Jorn Lambert said in the announcement. “In doing so, we’re ensuring that registered and compliant stablecoins are enabled across our network for consumers and businesses to use.”
