Global Dollar (USDG) arrives in Europe with support from Robinhood and Kraken

USDG, a fully regulated global USD-stablecoin issued by Paxos, is now available in the European Union, marking a significant development in the cryptocurrency world . This stablecoin is compliant with Europe’s Markets in Crypto-Assets (MiCA) regulation, as well as being overseen by the Finnish Financial Supervisory Authority (FIN-FSA) and the Monetary Authority of Singapore (MAS).

The introduction of USDG comes at a time when demand for U.S. dollar-backed stablecoins is on the rise in Europe, where Circle’s USDC currently holds the largest market share among MiCA-regulated options. USDG aims to provide consumers with a robust alternative that meets regulatory standards and offers enhanced consumer protection.

Paxos has emphasized its commitment to transparency and security, stating that fulfilling MiCA requirements involves holding a portion of USDG’s reserve assets with European banking partners. This regulatory framework not only reinforces the credibility of USDG but also aligns with Paxos’ mission to offer global digital assets that are supervised by prudential regulators.

Walter Hessert, head of strategy at Paxos, highlighted the significance of this launch: “USDG is a fully regulated global USD-stablecoin that is compliant with MiCA and now available in the EU, a testament to our commitment to offering global digital assets that are supervised by prudential regulators and also meet the highest standards of consumer protection.”

With backing from notable industry players such as Robinhood, Kraken, and Mastercard, USDG is poised to make a substantial impact in the European market as a reliable and regulated stablecoin option.