According to Mars Finance, The Block reported that the regulated stablecoin issuer Paxos launched the USD stablecoin USDG through its Finnish subsidiary Paxos Issuance Europe OY under the EU cryptocurrency asset market regulation framework (MiCA). This stablecoin is supported by institutions such as Robinhood and Kraken and has been launched on blockchains such as Ethereum and Solana, currently reaching a market capitalization of 322 million USD. USDG is backed by a 1:1 USD reserve, with part of the cash reserves held in European banks. This product will compete with stablecoins like USDC, which have already obtained MiCA licenses, and the global stablecoin market size currently stands at 160 billion USD.
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