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OKX joined the Global Dollar Network to support Paxos’ USDG Stablecoin


The Crypto Exchange OKX joins the Global Dollar Network, a consortium that promotes Paxos that is relatively smaller USDG Stablecoin, with a transfer exchange can help accelerate the adoption of a regulated dollar-supported dollar.

By joining the network, 60 million global OKX users get access to global dollars (USDG) For trading and transfer, the company announced Monday.

OKX has already supported some major stablecoins, including market leaders Tether (USDT) and USDC (USDC). Adding USDG – a newer, smaller entrant – can expand access to regulated digital dollars through a project designed to operate within established regulation frameworks.

The USDG, supported by US dollar deposits and government security security, has seen a increase in supply rising in the last year. Source: CoinMarketCap

Paxos launched USDG Last November, with Singapore -based DBS bank reserves. Stablecoin is controlled by Singapore’s Monetary Authority and earlier this month expanded to the European Union Under the markets in the framework of crypto-assets (MICA).

OKX has contacted the cointelegraph about the availability of USDG in the constituents where it has not yet received regulatory approvement but has not received a response by publication.

With a circulating supply of $ 356 million, the USDG remains smaller than the other established dollar-supported dollar. Paxos aims to close the gap by positioning the USDG within the established regulations.

The Global Dollar Network attracts twelve -two partners, including Robinhood, Kraken, Anchorage Digital, Beam, DBS and Standard Chartered.

Related: Crypto Biz: Meta’s Ai Bet, Fortune 500’s Stablecoin Push

The $ 250 billion Stablecoin market is seeing retail, institutional participation

Measured in the volume of transactions, stablecoins have become one of the most significant cases of use of blockchain technology. In advanced economies such as North America and Europe, it is primarily used for organizing and managing liquidity, according to a 2024 chainalysis report.

Beyond supporting crypto trading, stablecoins also get land in emerging markets as a tool for enabling reliable transactions and maintaining value amid volatility of local currency.

In 2024, stablecoins cost between 16% and 35% of transactional activity in major regions. Source: Chainalysis

While Stablecoins gained popularity among retail users, they are also further explored by institutions, including Banks looking to use technology To streamline cross-border payments.

In the United States, the interests in the corporation and institutional in stablecoins are especially grown after the The Genius Act has removed the Senate Last month. Many big tech companies, including Apple and Elon Musk’s X, are reportedly considering the integration of stablecoin payments in their products.

Related: Stablecoins is about to have their ‘iPhone Moment,’ Circle CEO