A group of major crypto and fintech companies is making a coordinated push into stablecoin-based payments. Anchorage Digital, Bullish, Galaxy Digital, Kraken, Nuvei, Paxos, and Robinhood have launched the Global Dollar Network, describing it as an open network built to accelerate stablecoin adoption worldwide and expand real-world payment use cases.
According to the announcement, the initiative is designed to bring in a broader set of industry participants, including custodians, exchanges, payment fintechs, merchants, protocols, card networks, banks, and investment platforms. The founding members said they are combining expertise and resources across digital assets, payments, and compliance to support innovation in global money movement, especially in cross-border transactions.
USDG Sits at the Center of the Network
The backbone of the new network is USDG, a stablecoin issued by Paxos in Singapore. Paxos said USDG is a new “safe and trusted” stablecoin intended to provide a regulated solution for enterprise transactions. The company also said the token is designed to meet the upcoming compliance standards of the Monetary Authority of Singapore (MAS), giving the project a regulatory foundation from the outset.
The announcement added that users of Anchorage Digital, Galaxy Digital, Kraken, and Paxos can access USDG starting immediately, with availability expected to expand across all named distribution partners in the near future. That early distribution footprint suggests the network is aiming for rapid adoption by leveraging multiple established platforms at launch.
DBS Bank to Manage Reserves
On the banking side, DBS Bank, the largest financial institution in Southeast Asia, will serve as the primary banking partner for the network. Its role includes custody and management of USDG reserves, an arrangement meant to strengthen trust and liquidity around the stablecoin. Anchorage Digital CEO Nathan McCauley said the Global Dollar Network could enable “fast peer-to-peer and cross-border settlement.”
Taken together, the launch represents more than just a new stablecoin release. It is an effort to build a broader payment framework around regulated stablecoins, institutional distribution, and reserve management. For the crypto sector, the move signals how large firms are increasingly positioning stablecoins not only as trading tools, but as infrastructure for compliant global payments and enterprise finance.