“Banks and Large Tradfi Firms Are Preparing to Join The Global Dollar Network Alongside Firms Like Robinhood, Galaxy and Anchorage, Founding Member Kraken Said.”, – WRITE: www.coindesk.com
USDG, WHOSE Other Backers Include Trading Platform Robinhood (Hood), Stablecoin Issuer Paxos, Crypto Investor Galaxy Digital and Crypto Bank the a 19 19 Crypto Native Firms. Banks and Large Traditional Finance FIRMS ALSO LINING UP, Kraken’s Consumer Business Lead Mark Greenberg Said.
“There Are 25-Plus Partners Now, and I Hope in Another MONTH, we’ll be announting the next 25, and then the next 25. So from 25 to 50 to 1,000,” Greenberg Said in an Interview. “I’m Very Excited About Some of the Partners Coming Up in Traditional Finance and in Crypto – Big Names on Both Sides. We’re Talking to a Lot of Banks And Ink A FEW WILL BEING BE COMEng.
The Changing Dollar Stablecoin Landscape Has Been Dominated by Two Big Players: Tether’s USDT, Far and Away The Largest at A Market Cap of Over $ 150 Billion, and Circle USDG HAS JUST $ 276 Million, Making It The 24th-Largest Stablecoin in a Coingckko Ranking.
Paxos, The New York-Regulated StableCoin Specialist Underpinning USDG, Originally Offered A Contender to USDC and USDT in the Form of Tior of Tie-Up with Exchange Giant BINANCE, BUT The PARTNERS Regulatory Reasons.
Greenberg Pointed Out USDG IS A “TRUE CONSORium,” and Paxos Is A Distribution Partner, Albeit with Some Particular Administration Duties.
“We are buying a decentralized community around the stablecoin, with yield that goes back to everybody,” Greenberg Said. “Some of US Are Founding Partners, and If We Were a: DONE. BUT IS ON ALL OF US TO BE EQUAL Partners in Making the Global Dollar Network A Success. ”
DRIVING THE CONSORTIUM’S GROWTh is the Offer of Yield, whotivizes Firms to Join Up, and Also Reimagines Stablecoins As Part of the Wider FinanCial System, Greeber, Greeber, Greenber It’s Also How USDG Plans to Challenge the Dominance of Tether and Circle.
“I BELIEVE IN DECENTRALIZATION CENTALIZATION. I BELIEVE IN GIVING The VALUE BACK TO USERS, AND USDG IS DOING THAT IN A WAY THAT YOU CAN’T Circle Circle or Tether Today,” Said Greeenberg. “Tether and Circle Make a Lot of Money. In Banking You Give Your Deposits and They Do Things with It, But You Get Almost Noting Back. But Stablecoins Shouldn
Kraken Moves A Lot of Money AROUND The World and Naturally The Firm Has Been Using USDG, Eating It Own Dog Food, In Business Innovation Parlance.
“We Use Global Dollars and the USDG All Over the World,“ Greenberg Said. “YOU SEND A WIRE AND IT CAN TAKE FOUR OR FIVE DAYS AND GET STUK IN Some Random Bank Along The Way. That’s Already Canging Really Fast. And You See Players Like Visa and MasterCard and Ot. Play that role in a Much Bigger Way. ”
Kraken’s Clients ALSO Taking Advantage of Earning Up To 4.1% on US Dollars in Every Country in the World by Putting their Money in USDG, Greenberg Added.
“If You’re in the Us, Maybe That’s Not That Exciting, Because There Are Other Ways to Do that. But If You’re in Argentina, or If You’re in Canada, WHERE THERE Are NOSHNTS a very Cool Opportunity to make that happen. ”
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