Global Dollar Stablecoin Launches in EU, Backed by Kraken and Robinhood

Global Dollar (USDG) has officially launched in the European Union, marking a significant development in the stablecoin landscape. The launch, spearheaded by Paxos through its Finnish subsidiary Paxos Issuance Europe OY, is backed by major fintech firms including Kraken and Robinhood. This initiative aims to provide a reliable stablecoin option within the regulated European financial ecosystem, ensuring compliance with the EU's Markets in Crypto-Assets Regulation (MiCA).

USDG is now available to over 450 million consumers across 30 European countries, integrating with major exchanges such as Kraken, Gate, and Coinmetro. The stablecoin is built on both Solana and Ethereum blockchains, ensuring cross-platform usability. This launch is expected to bolster liquidity and potentially increase trading volumes for assets like ETH and BTC across participating exchanges.

The introduction of USDG aligns with EU regulations, enhancing the credibility of stablecoins in the region. This move is anticipated to encourage further institutional and retail engagement in the European financial market. Mark Greenberg, Global Head of Consumer at Kraken, highlighted the stablecoin's usability and growing ecosystem, stating that it enhances client tools for navigating the crypto economy.

USDG's launch is part of the Global Dollar Network (GDN), which includes notable fintech partners like Anchorage Digital, Mastercard, and Robinhood. The network aims to accelerate the adoption of stablecoins worldwide, leveraging the expertise and resources of its partners to increase real-world applications. Paxos, regulated by authorities such as the Finnish Financial Supervisory Authority (FIN-FSA) and the Monetary Authority of Singapore (MAS), continues to solidify its position as a leading fintech company, fostering trust and adoption of digital assets like USDG.

Since its initial issuance in November 2024, USDG has adhered to MAS's upcoming stablecoin framework. Paxos is actively engaging with MAS to ensure continued compliance, with safeguards in place to maintain the stablecoin's redeemability at par value globally. This strategic positioning is expected to foster further technological advancements in DeFi protocols and set a compliance precedent for stablecoin legitimacy and integration into Europe's financial landscape.