Global Dollar Network Launched to Drive U.S. Stablecoin Adoption in Web3

Robinhood, Kraken, Galaxy Digital, among others, have launched the Global Dollar Network - a collaborative effort to enhance the role of the U.S. dollar in digital finance through stablecoin adoption.

The alliance aims to promote stablecoin use for real-world applications, leveraging collective expertise to drive innovative payment solutions. This initiative comes as regulatory attention around stablecoins intensifies, with more regions establishing guidelines for stablecoin issuers.

Although the Global Dollar Network has a select group of founders, it remains open to new members from various sectors, including exchanges, custodians, and card networks.

With stablecoins on the rise, many firms are pursuing opportunities in this sector to compete with dominant players like Tether (USDT) and Circle (USDC). Paypal, for instance, introduced its own stablecoin, PYUSD, though it hasn’t yet displaced the leading tokens.

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Other firms, including Ripple, are advancing their own stablecoins, with Ripple’s RLUSD nearing launch following tests on Ethereum and the XRP Ledger. Similarly, Revolut is exploring a stablecoin launch, reflecting a growing trend among fintechs to enter the stablecoin arena through partnerships and alliances.

Kosta Gushterov