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Paxos has introduced its Global Dollar (USDG) stablecoin in European markets, marking a significant milestone as the first dollar-pegged digital asset explicitly designed to comply with the EU's Markets in Crypto-Assets Regulation (MiCA). The Finland-based Paxos Issuance Europe OY oversees the stablecoin's operations under supervision from both Finnish and Singaporean financial authorities.
The stablecoin launches with support from major platforms including Kraken, Gate.io, and Robinhood through the Global Dollar Network (GDN) initiative. Payment processor Mastercard recently joined the consortium of over 20 financial institutions backing the project. "USDG combines regulatory compliance with growing ecosystem support," noted Kraken's Mark Greenberg, highlighting the stablecoin's potential as financial infrastructure.
Paxos structured USDG to meet MiCA's rigorous requirements by maintaining European bank reserves and guaranteeing 1:1 redeemability. The company subjects the stablecoin to regular audits, with 【$253.9 billion】 currently circulating in the global stablecoin market according to DefiLlama data. This represents a 【6.2%】 increase from late June figures.
——Corporate interest in stablecoin solutions has tripled since 2024—— according to a Coinbase report. Between January 2023 and February 2025, stablecoins facilitated 【$94.2 billion】 in transactions, with yield-bearing variants growing from 1% to 4.5% market share. Walter Hessert of Paxos attributes this to stablecoins addressing "critical financial pain points" across industries.
The EU launch follows USDG's late 2024 introduction in partnership with crypto heavyweights. By anchoring operations in MiCA's framework while maintaining global accessibility, Paxos positions USDG at the intersection of regulatory compliance and cross-border utility. The stablecoin becomes available through ten platforms including Coinmetro and Zodia Custody, with more expected to join the GDN ecosystem.