Paxos, a regulated blockchain infrastructure and tokenisation platform, has launched its Global Dollar stablecoin in the EU.

The Global Dollar (USDG) is a stablecoin regulated by the EU’s Markets in Crypto-Assets (MiCA), the Finnish Financial Supervisory Authority (FIN-FSA), and the Monetary Authority of Singapore (MAS).

Paxos estimates the launch of the stablecoin will open access to over 450 million consumers in 30 countries.

The company said that as Europe’s crypto ecosystem grows, demand is increasing for US dollar-backed stablecoins.

Paxos claims that USDG will make a “significant impact” as a regulated option available to European consumers.

Paxos is working with a variety of partners including Kraken, SwissBorg, Zodia and Orbital to make USDG available to potential customers.

USDG powers Global Dollar Network, an open network designed to accelerate stablecoin adoption worldwide.

“USDG is a fully regulated global USD-stablecoin that is compliant with MiCA and now available in the EU, a testament to our commitment to offering global digital assets that are supervised by prudential regulators and also meet the highest standards of consumer protection,” said Walter Hessert, head of strategy at Paxos. “We're excited to partner with some of the leading players in Europe to bring this leading standard of compliance to more than 450 million consumers in the European Union.”

Last month Shopify announced it was partnering with Coinbase and Stripe to bring stablecoin payments to merchants.

The company said that merchants can accept USDC from customers globally in early access on Coinbase's digital payments network Base.

The move will enable customers to pay with USDC on Base from hundreds of supported crypto wallets, on guest checkout and with Shop Pay.

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