Global Dollar Network Launches USDG Stablecoin Which Could Revolutionise iGaming Transactions

In a significant advancement for the iGaming industry, the recent launch of the Global Dollar Network introduces USDG (Global Dollar), a stablecoin set to transform online gaming transactions. Already fronted by bigshot financial technology and cryptocurrency firms—including Robinhood, Kraken, and Galaxy Digital—this new option will provide a stable digital asset backed by traditional currencies.

Stablecoins are cryptocurrencies that have been designed to maintain a fixed value by pegging them to more conventional currencies, such as the US dollar. In that respect, they respond better to issues of high volatility usually associated with cryptocurrencies—appealing to those industries requiring consistency of transaction value, an attribute that is invaluable in iGaming for online crypto casino platforms.

These casinos have become some of the most widely used platforms now where cryptocurrencies are accepted as a payment method. They offer great perks like generous bonuses, faster withdrawals, and a more private and seamless experience for players. However, crypto volatility can make it tricky as winnings can soar or drop based on how a particular crypto token is performing. Stablecoins make a great alternative to mitigate this issue.

The Global Dollar Network’s USDG has been issued from Singapore by the crypto platform Paxos, aligning with the Monetary Authority of Singapore’s regulatory framework. The governance of USDG will be handled by a board that includes representatives from its network partners, such as Anchorage. USDG will face the uphill challenge of seeking entry into a market dominated by Tether and other prominent stablecoins, which hold nearly 90% combined of the total market capitalization, according to a CoinGecko report.

With USDG integrated into an iGaming platform, several tangible benefits are predicted to arise. First of all, it improves a lot in terms of transaction speed and efficiency. Traditional methods of banking delay the depositing and withdrawing of money, thus frustrating players who wish to participate in gaming activities. Stablecoins provide virtually instant transactions, allowing players to deposit their money and begin playing instead of waiting around for hours.

Furthermore, your winnings won’t fluctuate as much since they are relatively stable thanks to the coin being tied to the US dollar. Stablecoin transactions typically cut out most of the middlemen, hence reducing fees on deposits and withdrawals, making it cost-effective both for players and operators. This will enable players to have more funds for gaming while operators will be offering better services without necessarily affecting profitability.

However, acceptance of this class of cryptocurrency may vary among gaming platforms; whereas some online gaming platforms might fully accept them as a mode of payment, others might merely be considering it or be partially done with the integration process. Gamers wishing to try stablecoin should validate the different accepted payment means on their preferred platform.

Paxos CEO Charles Cascarilla asserted that they are willing to offer incentives to ensure a speedy adoption of the new stablecoin across all industries. Per Reuters, he iterated that The Global Dollar Network is committed to redistributing nearly all rewards to its participants. Its purpose is to encourage the widespread use of global stablecoins and to speed up the adoption of the technology behind it.

The involvement of reputable financial institutions further solidifies the credibility of USDG. For the purpose of the project, DBS Bank has been chosen as the main banking partner, taking care of cash management and custody services for the reserves behind USDG. The partnership with a major South East Asia bank ensures that the stablecoin will be backed by secure and reliable financial assets, further building trust among its users and stakeholders.

Paxos co-founded USDG’s governing body with some of the biggest crypto giants: Anchorage Digital, Bullish, and Nuvei. As such, the new stablecoin has quite a big advantage over many competitors regarding regulatory compliance.

As such, the integration of stablecoins like USDG into the continuously developing iGaming industry is one of the main avenues through which payment systems are getting modernized and user experiences improved.