The Global Dollar stablecoin (USDG) is gaining traction with banks and major traditional finance firms preparing to join its decentralized consortium. Founding partner Kraken announced that the consortium aims to attract up to a thousand members who will collectively promote the token and earn a share of the interest generated from its reserves. Recent additions include 19 new sponsors, mostly crypto-native firms, with significant interest from large banks expected soon. The USDG currently has a market cap of $276 million, making it the 24th largest stablecoin, far behind Tether's USDT and Circle's USDC. Kraken highlights USDG's unique model of decentralized community-driven growth and equitable yield distribution compared to traditional stablecoins. This incentivizes firms from various sectors to engage with the network while also creating opportunities for higher yields, particularly in regions where traditional dollar accounts are unavailable. Kraken is actively utilizing USDG for global transactions, showcasing the stablecoin's potential to streamline processes and enhance returns, especially in countries like Argentina and Canada where earning a high yield on dollars is uncommon.

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