COINNEWSLaunch of USDG Stablecoin on Arbitrum One Network
Paxos's Global Dollar launched the USDG stablecoin on Arbitrum One on October 6. The token is minted directly on the blockchain, ensuring direct integration with the ecosystem.
Leading DeFi protocols and exchanges were among the first partners. Integration includes Fluid, Morpho, GMX, Maple, Uniswap, and Kraken.
- USDG token swaps are available on Fluid and Uniswap
- The token is used in the Dollar Vault on GMX
- Gauntlet USDG Premium vault launched on Morpho
- Kraken supports deposits and withdrawals via Arbitrum One
- Cross-chain transfers are facilitated through Stargate
Over $10 million has been allocated to develop the ecosystem through the DRIP program. The DAO is considering a proposal to allocate an additional 100 million ARB to ensure liquidity.
Global Dollar Network unites over 150 partners, rewarding them for creating demand for USDG. Arbitrum plans to direct its share of funds toward further expanding the use of the stablecoin.
USDG is backed by dollar reserves at a 1:1 ratio. The token can be redeemed with issuer Paxos for US dollars.
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