Paxos has announced the launch of the Global Dollar (USDG) stablecoin in the European Union, confirming compliance with the new Markets in Crypto-Assets Regulation (MiCA).
Overview of the Global Dollar Stablecoin
The Global Dollar (USDG) has been launched in the European Union in compliance with MiCA regulations. The issuance of USDG is handled through Paxos Issuance Europe OY, which is overseen by the Finnish Financial Supervisory Authority. Paxos guarantees a one-to-one redemption of the stablecoin and adheres to MiCA’s stringent reserve and audit requirements.
Global Dollar Network Infrastructure
The expansion of USDG in Europe is tied to the development of the Global Dollar Network (GDN), an initiative supported by institutions such as Paxos, Kraken, and Robinhood. The addition of these partners highlights a growing interest in USDG, emphasizing its increasing visibility in the market.
Stablecoin Market and Their Popularity
According to data, the stablecoin market has seen significant growth, with its capitalization reaching approximately $253.85 billion at the end of June. This indicates a growing interest in stablecoins among consumers and businesses. Trends suggest that the use of stablecoins is expected to rise as they address significant financial challenges.
The launch of the Global Dollar in the EU marks an important step for Paxos and reflects the increasing interest in stablecoins as a vital component of financial infrastructure.
