The stablecoin USDG from Paxos is broadening its scope by entering the Solana blockchain. This action demonstrates a multi-chain strategy for the stablecoin, also referred to as Global Dollar, which is provided by Paxos Digital Singapore.
As per a declaration from the Global Dollar Network on February 25, the USD-linked stablecoin, which Paxos initially introduced on November 1, 2024, is now functioning on Solana (SOL).
Global Dollar (USDG) is offered by Paxos’ affiliate, Paxos Digital Singapore Pte. Ltd., which is overseen by the Monetary Authority of Singapore (MAS).
Paxos initially mentioned that its MAS-regulated subsidiary would work with crypto exchanges, wallets, and blockchain platforms to accelerate the distribution of USDG to both people and organizations. The USDG token was initially released on Ethereum.
As per the announcement, institutions can get USDG on Solana through Anchorage Digital and Kraken.
Solana Foundation President Lily Liu mentioned, “Deploying USDG on Solana will speed up the adoption of stablecoins in payments and finance worldwide, opening up new possibilities for companies and retail clients.”
Partners who have become part of the Global Dollar Network and will incorporate USDG include the payment infrastructure company alfred, the Brazilian fintech company Caliza, and the cross-border payment provider Noah. Other businesses include the cryptocurrency platform Rain and Sling Money.
The Global Dollar Network will work with these partners to promote the adoption of USDG on Solana. Intended applications include card payments, fund management, cross-border transfers, and remittances.
Caliza founder and CEO Ezra Kebrab provided a comment on the integration:
“The future of finance is without borders, and stablecoins are making it a reality. By joining the USDG network, Caliza can eliminate obstacles to economic opportunity. Now, businesses worldwide can gain from access to safe and regulated USD-denominated financial products.”
In brief, Paxos’ Global Dollar (USDG) stablecoin, provided by Paxos Digital Singapore, is now active on Solana, representing a substantial move towards multi-chain availability.
The stablecoin sector is experiencing rapid expansion amidst evolving regulations and increased utilization. Although Tether (USDT) and Circle’s USD Coin (USDC) possess the most significant portion of the market, alternative participants are appearing, particularly in TruBit Collaborates with Morpho to Introduce DeFi Unearned Revenue in Latin America America, the Middle East, and Africa.
Paxos is attempting to leverage this expansion by introducing a range of stablecoin offerings, encompassing Pax Dollar (USDP) and Pax Gold (PAXG). They have also launched PayPal USD (PYUSD) and a yield-generating stablecoin known as Lift Dollar.
