Paxos Launches USDG Stablecoin in EU, Expanding to 30 Countries

Global Dollar (USDG), a stablecoin regulated by the EU's Markets in Crypto-Assets (MiCA), the Finnish Financial Supervisory Authority (FIN-FSA), and the Monetary Authority of Singapore (MAS), has launched in the European Union. Issued by Paxos, USDG is now available to over 450 million consumers across 30 countries, marking a significant milestone in the region's growing crypto ecosystem. The stablecoin is backed by the Global Dollar Network (GDN) and is designed to offer unmatched economic benefits to its partners, which include industry leaders such as Anchorage Digital, Kraken, Mastercard, Paxos, Robinhood, Worldpay, and over 20 other fintech and financial services companies.

The launch of USDG in the EU is a testament to Paxos' commitment to providing globally compliant digital assets that meet the highest standards of consumer protection. Walter Hessert, Head of Strategy at Paxos, expressed pride in introducing USDG to the European market, highlighting its full regulatory compliance with MiCA and its availability to consumers through trusted industry partners. These partners include Kraken, Gate, Coinmetro, SwissBorg, Zodia Custody, Orbital, Hercle, CoinsPaid, Bitwyre, Bitnet, and HiFi. USDG is currently available on Solana, Ethereum, and Ink, further expanding its accessibility and usability.

Mark Greenberg, Global Head of Consumer at Kraken, emphasized the importance of stablecoins as core infrastructure for global finance. He noted that USDG's usability and growing ecosystem make it a valuable tool for clients navigating the crypto economy. The expansion of USDG into Europe is seen as a way to connect more clients to the digital dollar economy, aligning with Kraken's focus on providing better tools for its users.

USDG powers the Global Dollar Network, an open network aimed at accelerating stablecoin adoption worldwide. Partners in this network, including Anchorage Digital, Kraken, Paxos, Robinhood, Worldpay, and over 20 other industry-leading companies, are collaborating to increase stablecoin adoption and expand real-world use cases. Recent additions to this ecosystem include Mastercard and Fiserv, further strengthening the network's capabilities and reach.

Since its launch in November 2024, Paxos' issuance of USDG from Paxos Digital Singapore Pte. Ltd. has been substantially compliant with the Monetary Authority of Singapore's upcoming stablecoin framework. Paxos Issuance Europe, regulated by FIN-FSA, holds a portion of USDG reserve assets with European banking partners to fulfill MiCA requirements. Paxos is in close consultation with MAS on a transition plan to remain compliant with MAS' upcoming stablecoin framework, ensuring that USDG will always be redeemable at par by all holders, regardless of their location.

Paxos remains committed to being substantially compliant with MAS' upcoming stablecoin framework, highlighting its standing as a regulated service provider subject to MAS's oversight. This fosters trust and adoption for digital assets like USDG, positioning Paxos as a leader in the regulated blockchain infrastructure and tokenization platform space.

The Global Dollar Network (GDN) is an open, distributed network of leading enterprises working to accelerate stablecoin adoption worldwide. Powered by USDG, GDN offers a transparent and equitable economic model that rewards partners for their contributions. Founded by Anchorage Digital, Bullish, Galaxy Digital, Kraken, Nuvei, Paxos, and Robinhood, GDN is revolutionizing the financial system by making it more accessible and efficient for all.

Paxos partners with leading global enterprises to tokenize, custody, and trade assets. Its blockchain solutions are used by leaders such as PayPal, Interactive Brokers, Mastercard, Mercado Libre, and Nubank. Paxos is licensed to engage in virtual currency business activity by the NYDFS and is the issuer of numerous regulated digital assets, including PayPal USD (PYUSD), Pax Dollar (USDP), and Pax Gold (PAXG). Its affiliate company Paxos International issues the yield-bearing regulated stablecoin Lift Dollar (USDL). USDG is issued by Paxos Digital Singapore, which is a Major Payments Institution supervised by the Monetary Authority of Singapore. USDG is also issued by Paxos Issuance Europe under the supervision of FIN FSA and in compliance with MiCA. USDG is also available on Solana.

Paxos is prudentially regulated by FIN FSA in Europe, the NYDFS in the US, the MAS in Singapore, and FSRA in Abu Dhabi Global Market. With over $500 million raised from leading investors, Paxos is a leading fintech company committed to replatforming the financial system to enable assets to move instantaneously anywhere in the world, at any time, in a trustworthy way.