Gate Joins Global Dollar Network, Boosts USDG Adoption
Gate Enters Global Dollar Network as First-Tier Partner
Gate, a leading global cryptocurrency exchange, has announced its partnership with the Global Dollar Network (GDN) as a first-tier member. This collaboration aims to promote the adoption of stablecoins worldwide. As part of this alliance, Gate has integrated USDG, a US dollar-pegged stablecoin, providing access to its 34 million users.
This partnership signifies Gate's dedication to exploring the potential of PayFi and enhancing its digital asset infrastructure.
USDG Integration Details
USDG, issued by Paxos Digital Singapore, is now accessible to Gate’s global user base across Ethereum, Solana, and Ink blockchains. The stablecoin is backed 1:1 with U.S. dollars or equivalent liquid assets and is compliant with regulatory standards set by the Monetary Authority of Singapore (MAS) and FIN FSA, adhering to MiCA regulations.
Key Benefits of the Integration:
- Enhanced Regulatory Compliance: USDG ensures adherence to global financial regulations.
- Increased Financial Inclusivity: Bridges centralized and decentralized infrastructures.
- Seamless Cross-Border Payments: Supports a resilient, global PayFi economy.
Executive Perspectives
Dr. Han, founder and CEO of Gate, stated, "This partnership reflects Gate’s ongoing commitment to regulatory-compliant innovation and digital asset infrastructure. USDG will play a pivotal role in powering next-generation global payments, trading, and PayFi access."
Nick Robnett, Head of Crypto Business Development at Paxos, representing the Global Dollar Network, commented, "We’re proud to welcome Gate to Global Dollar Network. Their participation strengthens our collective mission to accelerate the adoption of secure, trusted stablecoins."
About Global Dollar Network
The Global Dollar Network is designed to reward partners based on their contributions, distributing network revenue among its members. This model fosters collaboration and incentivizes the widespread adoption of stablecoins.
Past Updates:
- Earlier this month, the Global Dollar Network expanded into the European Union with the USDG stablecoin launch by Paxos Issuance Europe, backed by Robinhood, Kraken, and others.
- Last month, crypto exchange OKX joined the Global Dollar Network and integrated the Paxos-issued USDG stablecoin, enabling 60 million customers to access and convert USDG 1:1 with USD at no cost.
- Last month, Robinhood, Kraken, and other fintech leaders launched the Global Dollar Network, utilizing Paxos’s USDG stablecoin to address market issues like high transaction costs and to promote stablecoin adoption.
- In April, Visa became the first traditional finance player to join the Global Dollar Network, which includes major crypto and fintech companies and uses Paxos’s USDG to advance real-world stablecoin applications.
- As recently as November, Paxos collaborated with Singapore’s DBS Bank to launch the USDG stablecoin, designed to adhere to Singapore’s upcoming stablecoin regulations.
About Gate
Founded in 2013 by Dr. Han, Gate serves over 34 million users with more than 3,600 digital assets. The platform is known for its 100% proof-of-reserves and includes Gate Wallet and Gate Ventures within its ecosystem.
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