Global Dollar Stablecoin (USDG) Expands Access to Solana Blockchain
Global Dollar Network announced the expansion of its Global Dollar (USDG) stablecoin to the Solana blockchain, enhancing accessibility for users. Key details include:
- USDG is backed by national reserves to maintain a 1:1 peg with the US dollar.
- The stablecoin was initially launched on Ethereum and now aims to reduce transaction costs on Solana.
- Institutional partners like Anchorage Digital and Kraken will facilitate USDG access on Solana, expected to be live by the end of the week.
- Global Dollar's strategy targets competition with established stablecoins like USDT and USDC, which currently holds over 78% of the stablecoin market share on Solana.
- The platform focuses on appealing to regulated institutions and DeFi protocols seeking compliant solutions.
- New partnerships aim to create various use cases for USDG, including cross-border payments, remittances, and treasury management.
Nathan McCauley, CEO of Anchorage Digital, stated that USDG's multi-chain expansion is a significant step towards making it a leading stablecoin for a global economy.