Global Dollar (USDG) Stablecoin Launches in European Union
Global Dollar (USDG), a stablecoin from Paxos, is now available to consumers in the European Union. It is backed by major firms including Robinhood, Kraken, and Mastercard.
Key details include:
- USDG is regulated under Europe’s Markets in Crypto-Assets (MiCA).
- It is overseen by Finland's Financial Supervisory Authority (FIN-FSA) and Singapore's Monetary Authority (MAS).
- There is increasing demand for U.S. dollar-backed stablecoins in Europe, with Circle’s USDC being the current leading option.
- Paxos aims to offer a compliant alternative with USDG that meets high consumer protection standards.
- Paxos Issuance Europe must hold a portion of USDG reserves with European banking partners to comply with MiCA regulations.