Paxos has announced the launching of the Global Dollar (USDG) stablecoin in the European Union. The issuer made the unveiling on Tuesday through a press release.
According to the statement, Paxos is now compliant with the Markets in Crypto-Assets Regulation (MiCA), which is the regulatory regime currently in place in the European Union. While emphasizing its regulatory standings, Paxos revealed that it is currently under an oversight from the Financial Supervisory Authority of Finland, including the Singapore Central Bank.
Meanwhile, the issuer launched the stablecoin in Europe through Pacos Issuance Europe OY which operates under the Financial Supervisory Authority of Finland. Paxos indicated that the stablecoin is designed to suit the regulatory stipulations of MiCA.
The company assures that the stablecoin has a 100% reserve and it complies with the MiCA’s audit regulations. Similarly, Paxos indicated that a significant portion of the USDG cash reserves is held in some reliable banks in the EU.
More so, the company confirmed that the USDG is available for users in Europe through its partnering exchanges, Kraken and Gate.io. With the platforms, the stablecoin will be available to 450 million users in 30 countries.
In addition, the stablecoin is also available on other platforms like Bitnet, Orbital, SwissBorg, Zodia Custody, CoinsPaid and many others.
Kraken global head of consumer, Mark Greenberg said USDG stands out with its usability and growing ecosystem amid the growing relevance of stablecoin in global finance. Likewise, Paxos’s head of strategy, Walter Hessert, said the demand for stablecoins has been on a rapid rise.
Side note on USDG
It is worth mentioning that the USDG is riding on the support of the Global Dollar Network (GDN). The stablecoin circulates on Ethereum, Solana, and Ink networks.
The GDN is a stablecoin infrastructure project backed by renowned companies like Paxos, Nuvei, Bullish, Kraken, Robinhood, Worldpay, and Anchorage Digital. Recently, Mastercard joined the GDN project, revealing that it now supports USDG.
According to CoinGecko, the USDG holds a market capitalization of $322 million. In addition to the Global Dollar token, Paxos also issues stablecoins like USDP, PYUSD, and USDL.
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