Stablecoin issuer Paxos is launching a stablecoin which will distribute reserve income to network participants, according to a Nov. 4 announcement.

The Global Dollar, or USDG, is backed by institutional crypto bank Anchorage Digital, asset management firm Galaxy Digital, exchanges Kraken and Bullish, payments platform Nuvei, fintech Robinhood, and Paxos itself.

“The leading stablecoins are unregulated and retain all the reserve economics,” said Charles Cascarilla, CEO and co-founder of Paxos. “Global Dollar Network will return virtually all rewards to participants and is open for anyone to join. It is designed to incentivize global stablecoin usage and accelerate societal wide adoption of this technology.”

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