Crypto Exchange OKX has joined the Global Dollar Network, a consortium promoting the relatively smaller Stablecoin USDG of Paxos, in a decision that, according to the Stock Exchange, could help accelerate the adoption of a stablecoin to support the regulated American dollar.
By joining the network, the 60 million world users of OKX will have access to Global Dollar (USDG) for exchanges and transfers, the company announced on Monday.
OKX already supports several major stables, including TETH (USDT) and USDC (USDC) market. The addition of the USDG – a new smaller participant – could widen access to regulated digital dollars thanks to a project designed to operate in established regulatory frameworks.
Paxos launched USDG last November, with reserves held by DBS Bank, based in Singapore. Stablecoin is regulated by the monetary authority of Singapore and earlier this month in the European Union within the framework of the Crypto-Astets (Mica) markets.
Cointelegraph contacted OKX concerning the availability of the USDG in the courts where he has not yet received regulatory approval but has not received any response by publication.
With a circulating offer of $ 356 million, the USDG remains much smaller than the other stablescoins supported in dollars. PAXOS aims to fill this gap by positioning the USDG in established regulatory frames.
The Global Dollar Network has attracted dozens of partners, including Robinhood, Kraken, Digital Anchorage, Beam, DBS and Standard Chartered.
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$ 250 billion on the Stablescoin market sees retail and institutional participation
Measured by volume of transactions, stablecoins have become one of the most important use cases of blockchain technology. In advanced economies such as North America and Europe, they are mainly used for colonies and liquidity management, according to a 2024 report by chainysys.
Beyond the management of cryptographic trading, the Stablecoins also gain ground on emerging markets as a tool to activate reliable transactions and preserve value in the midst of the volatility of local currencies.
Although Stablecoins have gained popularity with retail users, they are also increasingly explored by institutions, banks seeking to take advantage of technology to rationalize cross -border payments.
In the United States, the interest of companies and institutional for Stablecoins has particularly increased after the Act on Engineering crossed the Senate last month. Several large technological companies, including Apple and Elon Musk’s X, would consider integrating Stablecoin payments into their products.
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