Crypto Exchange OKX joined the World Dollar Network, a union promoting the relatively smaller Stablecoin from USDG, in a step, the stock market says it can help accelerate the adoption of the US dollar -backed Stablecooin.
By joining the network, 60 million global users of OKX will be able to reach the global dollar (USDGFor trading and transfers, the company announced on Monday.
OKX already supports many major stablecoins, including market leaders (USDT) And USDC (USDC). The addition of USDG – one of the latest and smaller participants – can expand access to the organized digital dollars through a project designed to work within the organizational frameworks in force.
I launched Paxos USDG Last November, with the reserves kept by Singapore DBS. Stablecoin is organized by the Monetary Authority in Singapore and earlier this month Expand to the European Union Under the markets in the framework of encryption (MICA).
Cointelegraph OKX has contacted the availability of USDG in the judicial states, where she has not yet obtained regulatory approval but has not received a response according to publication.
With a circulating supply of $ 356 million, USDG is still much smaller than other backed Stablecoins. Paxos aims to bridge this gap by locating the USDG within the regulatory frameworks.
The Global Dollar Network has attracted dozens of partners, including Robinhood, Kaken, Anchorage Digital, Beam, DBS and Standard Chartered.
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250 billion dollars Stablecoin Market is witnessing retail, institutional participation
It is measured by the size of transactions, Stablecoins has become one of the most important cases of Blockchain technology. In advanced economies such as North America and Europe, they are used primarily in settlements and liquidity management, according to the 2024 report conducted by the series of analysis.
In addition to support for encryption trading, Stablecoins also acquire a ground in emerging markets as a tool to enable reliable transactions and maintain value amid local currency fluctuations.
While Stablecoins gained popularity among retail users, it is increasingly explored by institutions, with Banks are looking to benefit from technology To simplify payments across the border.
In the United States, the interest of companies and institutionalism has grown in particular The genius law surveyed the Senate last month. Many large technology companies, including Apple and Elon Musk’s X, are According to the integration of Stablecoin payments In its products.
Related to: Stablecoins will soon get “IPHONE”, CEO CEO
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