Paxos launches compliant stablecoin USDG in the EU

ChainCatcher news, according to The Block, regulated stablecoin issuer Paxos has launched the USD stablecoin USDG through its Finnish subsidiary Paxos Issuance Europe OY under the EU's Markets in Crypto-Assets (MiCA) framework. This stablecoin is backed by institutions such as Robinhood and Kraken, and has been launched on blockchains like Ethereum and Solana, currently reaching a market capitalization of $322 million.

USDG is backed by a 1:1 dollar reserve, with part of the cash reserves held in European banks. This product will compete with stablecoins like USDC, which has already obtained a MiCA license, as the global stablecoin market currently stands at $160 billion.