Paxos has announced the launch of its USDG stablecoin in the European Union, advancing within the global dollar ecosystem while new legislative initiatives regulating stablecoins are underway in the US.
Launch of USDG in the European Union
Paxos has announced the launch of its USDG stablecoin in the European Union, marking a significant step for the Global Dollar Network (GDN). USDG is now available on various platforms including major crypto exchanges like Kraken and Gate.io. Paxos noted that this project fully complies with the new MiCA regulation in the EU, which ensures transparency and auditing of such assets.
Global Dollar Network and Its Goals
The launch of USDG coincides with Paxos' ambitions to create the Global Dollar Network, aimed at integrating digital dollars into everyday use. Since its inception in 2024, the GDN has expanded to over 20 partners from both the traditional finance and fintech industries. Recently, Mastercard confirmed its intention to support USDG, further highlighting the growing acceptance of digital assets within the financial system.
Legislative Initiatives in the US
Amid the USDG launch in Europe, New York Attorney General Letitia James is urging Congress to strengthen existing stablecoin regulatory proposals. She expressed concerns regarding insufficient oversight of stablecoin issuers and suggested that reserve requirements and audits should be made more stringent. This statement comes alongside the consideration of the GENIUS and STABLE bills, currently under discussion in the US Congress.
The launch of USDG in Europe highlights the growing potential of stablecoins on the international stage and underscores the need for stricter regulation in the US to safeguard financial stability.
