Global Dollar Expands to the EU with MiCA on Kraken and Gate

The Global Dollar (USDG) stablecoin has launched in the European Union, with issuer Paxos claiming compliance with the area’s Markets in Crypto-Property Regulation (MiCA), in addition to oversight from the Finnish Monetary Supervisory Authority and Singapore’s central financial institution.

In accordance to a Tuesday announcement, the Paxos-issued USDG is now obtainable in the EU by companions together with main crypto exchanges Kraken and Gate. Different platforms that supply the stablecoin embrace Coinmetro, SwissBorg, Zodia Custody, Orbital, Hercle, CoinsPaid, Bitwyrem, Bitnet and HiFi.

Paxos points USDG in Europe by Paxos Issuance Europe OY, a Finland-based entity overseen by the nation’s Monetary Supervisory Authority. The stablecoin is structured to align with MiCA rules, with a portion of its money reserves held in European banks. Paxos stated it ensures one-to-one redemption and adheres to MiCA’s stringent reserve and audit necessities.

Mark Greenberg, world head of shopper at Kraken, stated that “as stablecoins develop into core infrastructure for world finance, USDG stands out for its usability and rising ecosystem.”

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Global Dollar’s infrastructure

The enlargement into Europe comes alongside the broader Global Dollar Community (GDN), a stablecoin infrastructure initiative supported by Paxos, Kraken, Robinhood, Anchorage Digital, Worldpay and greater than 20 extra monetary and fintech corporations. Mastercard not too long ago joined the GDN initiative and announced it could assist USDG, signaling curiosity from conventional finance.

This enlargement follows the late 2024 launch of the Global Dollar Community in partnership with Robinhood, Galaxy Digital, Kraken and Paxos.

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Walter Hessert, head of technique at Paxos, stated, “Demand for stablecoins continues its fast ascent.” In accordance to latest data from the real-world asset (RWA) tokenization tracker RWA.xyz, stablecoins reached a $239 billion market capitalization in late June, with that determine rising to $253.9 billion at the time of writing, according to DefiLlama.

A latest report by crypto trade Coinbase additionally reveals that interest in using stablecoins has tripled year-over-year since 2024. “This progress is pushed by the perception amongst customers and each the F500 and SMBs that stablecoins might help tackle a few of their largest monetary ache factors,” Coinbase stated.

In accordance to knowledge from late Could, $94.2 billion in stablecoin transactions were settled between January 2023 and February 2025. “General, stablecoins have established themselves as rising and vital elements of the world cost infrastructure,” the report acknowledged.

Could knowledge additionally reveals that yield-bearing stablecoins have soared to $11 billion in circulation, representing 4.5% of the whole stablecoin market. This means fast progress, having elevated from simply $1.5 billion and a 1% market share at the begin of 2024.

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