Crypto firms including Robinhood, Kraken launch global stablecoin network

A consortium of financial technology and cryptocurrency companies including Robinhood (HOOD), Kraken (PNG.V) and Galaxy Digital (GLXY.TO) on Monday introduced a joint stablecoin pegged to the U.S. dollar.

The Global Dollar Network is based around a new stablecoin called USDG, which will be issued out of Singapore by crypto platform Paxos. The token will be governed by a committee made of representatives from the network's partners, which also include Anchorage Digital, Bullish and Nuvei.