The cryptocurrency exchange OKX has announced its entry into the Global Dollar Network, opening new opportunities for users and enhancing access to the USDG stablecoin.
OKX's Joining of the USDG Network
The exchange OKX has become a participant in the Global Dollar Network, created to support the USDG stablecoin. This entry will allow 60 million users to access USDG for trading and transfers. It is expected to help accelerate the adoption of a regulated US dollar-backed stablecoin.
What is USDG and its Features
USDG, backed by dollar deposits and short-term government securities, was launched by Paxos last November. Currently, its reserves are held by DBS Bank in Singapore, and it is regulated by the Monetary Authority of Singapore. Since its launch, the circulating supply of USDG has been steadily increasing.
The Stablecoin Market and its Significance
According to a 2024 report by Chainalysis, stablecoins are becoming one of the most significant applications of blockchain technology, actively used in both developed and emerging markets. They help facilitate reliable transactions and preserve value amid local currency volatility. Corporate interest in stablecoins is also growing, as evidenced by recent initiatives in the U.S.
OKX's joining of the Global Dollar Network and support for USDG highlight the growing interest in regulated stablecoins, which may significantly impact the cryptocurrency market in the future.
