The demand for a stablecoin in the crypto market is growing and we have seen how new coins have been added to the list over the last couple of years. Even Ripple is going to bring its stablecoin on the market and Paypal has already done this however that point did not get much attention. I believe that marketing and promotion are also required to acquire more users and spread awareness among the community. I'm not sure but looks like Paypal has not done that much but they need to do this however today I'm going to talk about a new global dollar stablecoin.
A new stablecoin was launched which is called USDG and it is known as a new global dollar stablecoin backed by USD. This new stablecoin will be managed by paxos and it is according to the guidelines and compliant with the monetary authority of Singapore'. It's great to see how the stablecoin segment is also trying to be compliant with the government law since it is compliant with the Singapore Monetary Authority which is a big thing and hopefully, there should not be any legal challenge with this coin. It also means that a bigger community will try to adopt these coins since it is regulated.
The USDG stablecoin is issued out of Singapore by Paxos and is broadly in line with the Monetary Authority of Singapore's upcoming stablecoin framework.
This coin is also backed by many leading crypto exchanges and companies such as -Anchorage Digital, Bullish (the owner of CoinDesk), Galaxy Digital, Kraken, Nuvei, Paxos Robinhood etc. All these are big names in the market and if they are backing the coin then it simply means that it is going to be a strong and valuable part of the overall crypto ecosystem and we will also see more adoption coming towards this new stablecoin.
Why regulation has been one of the biggest parts of the ecosystem and now since this coin is issued according to the government compliance policies it should also not be a problem in the long run and this will probably encourage more people to use this coin going forward. Now it will be interesting to see how many exchanges list this coin but I also anticipate that all the leading exchanges will follow this and will add the coin to their platform very soon.
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