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.
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.
Fidelity is making a bold move into the crypto space by offering new retirement accounts that let Americans invest in digital assets with minimal fees.
Robinhood CEO Vlad Tenev believes that the tokenization of traditional assets could play a key role in strengthening the position of the US equities market globally.
A stablecoin lost its peg to the US dollar on Wednesday morning, following allegations that the company behind it, based in Hong Kong, was facing bankruptcy.
Sony Singapore has made a move towards embracing cryptocurrency by introducing USDC payments on its official online store, utilizing Crypto.com’s payment service.