Robinhood, Kraken-Backed Global Dollar (USDG) Comes to Europe

Global Dollar (USDG), a stablecoin issued by regulated fintech Paxos, and backed by a consortium of heavy hitters that features Robinhood, Kraken and Mastercard, is being made out there to customers throughout the European Union, in accordance to a press launch on Tuesday.

USDG is regulated by Europe’s Markets in Crypto-Assets (MiCA), the Finnish Financial Supervisory Authority (FIN-FSA), and the Monetary Authority of Singapore (MAS), Paxos mentioned in an announcement.

Demand for U.S. dollar-backed stablecoins is rising in Europe the place Circle’s USDC token is the most important MiCA-regulated selection. USDG will make a major affect instead regulated choice, Paxos mentioned.

“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,” mentioned Walter Hessert, head of technique at Paxos.

Fulfilling necessities underneath the EU’s MiCA regulation necessitates that Paxos Issuance Europe, which is regulated by FIN-FSA, holds a portion of USDG reserve belongings with European banking companions, Paxos mentioned.