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Crypto firms including Robinhood, Kraken launch global stablecoin network

Economic Times · 8m ago

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A group of financial technology and cryptocurrency companies, including Robinhood, Kraken, and Galaxy Digital, have launched a joint stablecoin called USDG. The initiative, called the Global Dollar Network, aims to promote the use of stablecoins worldwide and provide economic benefits to its partners. Stablecoins are digital tokens that maintain a constant value by being backed by traditional currencies like the US dollar. The USDG stablecoin will be governed by a committee consisting of representatives from the participating companies. The launch comes as more companies focus on promoting stablecoins due to their ability to mitigate price fluctuations seen in other cryptocurrencies.