Major firms from crypto and traditional finance have partnered to launch the Global Dollar Network, a regulation-compliant network designed to accelerate the adoption of stablecoins. 

“The lack of competition in the regulated stablecoin market has prevented the industry from reaching its full potential. USDG upends this dynamic with a more equitable model that will bring mainstream participants into the ecosystem and accelerate new stablecoin use cases,” said Kraken co-CEO Arjun Sethi in the statement.