Paxos, the issuer of the Global Dollar stablecoin (USDG) has launched it in the EU in compliance with the local MiCA regulations. Some of the initial distributors in Europe include Kraken and Gate. The issuer shares most of the revenues it earns on the stablecoin’s reserves with distribution partners, a model that represents a departure from industry norms.
“USDG is a fully regulated global USD-stablecoin that is compliant with MiCA and now available in the EU, a testament to our commitment to offering global digital assets that are supervised by prudential regulators and also meet the highest standards of consumer protection,” said Walter Hessert, Head of Strategy at Paxos. “We’re excited to partner with some of the leading players in Europe to bring this leading standard of compliance to more than 450 million consumers in the European Union.”
On a global basis, USDG has several high profile distribution partners including Anchorage Digital, Fiserv, Kraken, Mastercard, Robinhood and Worldpay. But it’s still early days for the stablecoin, with a total issuance of $320 million.
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