The Global Dollar (USDG), a stablecoin issued by the regulated financial technology firm Paxos and supported by prominent entities like Robinhood, Kraken, and Mastercard, is now available to customers within the European Union according to a recent announcement.

Key Details:

• Regulatory Compliance: USDG is governed by the Markets in Crypto-Assets (MiCA) regulations of Europe, the Finnish Financial Supervisory Authority (FIN-FSA), and the Monetary Authority of Singapore (MAS).
• Reserve Holdings: Under MiCA, Paxos must keep a portion of USDG’s reserve assets with banks in Europe.

Paxos, through its statement, mentioned:

“USDG is a fully regulated global USD-stablecoin that is compliant with MiCA and is now accessible in the EU, showcasing our commitment to delivering global digital assets that are rigorously supervised by regulators and adhere to consumer protection standards,” stated Walter Hessert, Head of Strategy at Paxos.

The demand for U.S. dollar-backed stablecoins is rising in Europe, where Circle’s USDC is currently the predominant MiCA-regulated option. USDG is positioned to be a competitive alternative, as stated by Paxos.