Huma Joins Global Dollar Network to Boost Stablecoin Adoption on Solana

Huma has officially joined the Global Dollar Network (GDN), a coalition of leading enterprises dedicated to accelerating the adoption of stablecoins. This move is aimed at advancing the use of stablecoins on the Solana blockchain, known for its speed and low transaction costs. The GDN, launched by Paxos and powered by Global Dollar (USDG), includes members such as Robinhood, Kraken, Anchorage, Nuvei, and Worldpay. USDG, a US dollar-backed stablecoin issued by Paxos Digital Singapore, is compliant with the Monetary Authority of Singapore’s upcoming stablecoin regulatory framework. It is available on Solana, Ethereum, and other public blockchains approved by the MAS, supporting fast, low-cost, and secure global money movement. Solana is USDG’s preferred blockchain due to its unparalleled speed, efficiency, and scalability, making it ideal for real-time financial transactions. Currently, around $3.5 to $4 billion of daily stablecoin volume occurs on Solana, highlighting its strong adoption and capacity for supporting global-scale financial operations.

Stablecoins have become a foundational layer of programmable finance, central to the future of PayFi and global liquidity, powering use cases from real-time settlement to cross-border payments. The Global Dollar Network builds on this momentum with a model designed to strengthen and scale the PayFi ecosystem. The network's model includes aligned incentives, where revenue is shared with GDN partners who mint, transact, and hold USDG. It also provides regulatory confidence, as USDG is designed to comply with the MAS’s forthcoming stablecoin framework, offering the trust institutions require. Additionally, the network lowers barriers to participation, allowing enterprises to tap into stablecoin benefits without launching their own asset. The GDN fosters industry coordination to drive real-world stablecoin use cases across finance and commerce.

Erbil Karaman, Co-Founder of Huma, expressed enthusiasm about the partnership, stating that stablecoins are ready to power global payments and fintechs. However, single issuer stablecoins fail to create the network effect needed to accelerate adoption. Huma is excited to join the GDN alongside many of its existing partners to bring the PayFi movement to the masses. Huma’s PayFi network has already facilitated over $4.5 billion in payment-backed transactions, addressing a global market exceeding $30 trillion annually. Stablecoins, such as USDG, have become essential financial infrastructure, processing over $35 trillion in transactions in 2024 alone, underscoring their critical role in the evolving financial landscape.

Ronak Daya, Head of Product at Paxos, highlighted that Huma joins the Global Dollar Network with a proven track record in delivering liquidity and credit solutions for global payments. Huma's infrastructure directly strengthens the network partners’ ability to move money efficiently across borders. With significant stablecoin volume already on Solana, USDG is well positioned for adoption in remittance and money movement, an area in which Huma addresses critical challenges around liquidity and pre-funding.

This strategic move by Huma to join the GDN is expected to bring significant benefits to both parties. For Huma, this collaboration provides an opportunity to expand its reach and influence in the stablecoin market, while also gaining access to the GDN's extensive network of partners and stakeholders. For the GDN, Huma's expertise in blockchain technology and stablecoin development will be a valuable addition to the network, helping to advance its mission of promoting stablecoin adoption. The focus on the Solana blockchain is particularly noteworthy, as it is one of the fastest-growing blockchain platforms in the world. Solana's high throughput and low transaction fees make it an attractive option for stablecoin issuers and users alike. By advancing stablecoin adoption on Solana, Huma and the GDN aim to create a more efficient and accessible financial system, one that is powered by stable and reliable digital assets.

This collaboration is part of a broader trend in the cryptocurrency industry, where companies are increasingly recognizing the importance of stablecoins in driving mainstream adoption. Stablecoins, which are digital assets pegged to the value of a stable asset such as the US dollar, offer a number of advantages over traditional cryptocurrencies, including price stability and reduced volatility. As such, they are seen as a key component of the future of digital finance. In summary, Huma's decision to join the Global Dollar Network is a significant development in the stablecoin ecosystem. By leveraging the GDN's collective expertise and resources, Huma aims to advance the adoption of stablecoins on the Solana blockchain, creating a more efficient and accessible financial system for all. This partnership is expected to bring significant benefits to both parties, while also driving innovation and growth in the stablecoin market.