Paxos has officially launched its Global Dollar (USDG) stablecoin in the European Union, making it accessible to over 450 million consumers across 30 countries. The USDG stablecoin is fully compliant with the EU's Markets in Crypto-Assets Regulation (MiCA) and regulated by Finland's Financial Supervisory Authority (FIN-FSA).
The stablecoin, which is backed 1:1 by the US dollar, is now available on major exchanges such as Kraken, Gate, SwissBorg, and others. It is also supported on multiple blockchains, including Ethereum, Solana, and Kraken's Ink. Paxos has ensured that USDG meets the highest regulatory standards, with reserve assets held by European banking partners.
This expansion aligns with Paxos' broader strategy to provide regulated digital assets globally. The company has already established itself as a key player in the stablecoin market, issuing other regulated stablecoins like PayPal USD (PYUSD) and Pax Dollar (USDP).
The launch comes amid rising demand for stablecoins in Europe, driven by their utility in payments and decentralized finance (DeFi). The total stablecoin market cap has surged to $263 billion, reflecting growing adoption.