PANews July 1 news, according to The Block, on Tuesday, Paxos launched the stablecoin USDG for users across the EU, which is a dollar-pegged stablecoin supported by a consortium including Robinhood, Kraken, Galaxy Digital, and Anchorage Digital. USDG is issued by Paxos in its European entity Paxos Issuance Europe OY, regulated by the Finnish Financial Supervisory Authority, and complies with the EU (Markets in Crypto-Assets Regulation) framework. Paxos holds a portion of cash reserves in European banks, committing to a 1:1 redemption to meet the asset reserve and audit requirements of MiCA. Despite tightening EU crypto regulations, demand for dollar stablecoins has surged. Paxos' strategic director Walter Hessert stated that this stablecoin issued by Paxos can be traded on platforms such as Kraken, Gate, CoinsPaid, and Zodia Custody, and circulates on the Ethereum, Ink, and Solana blockchains, providing a compliant dollar stablecoin for 450 million EU residents.
