Crypto firms including Robinhood, Kraken launch global stablecoin network

A consortium of financial technology and cryptocurrency companies including Robinhood (HOOD.O), Kraken and Galaxy Digital (GLXY.TO) this week introduced a joint stablecoin pegged to the US dollar.

The aim of the newly formed Global Dollar Network is to accelerate usage of stablecoins worldwide and promote an asset that provides proportionate economic benefits to its partners, the companies said.

WHY IT’S IMPORTANT

Stablecoins are digital tokens designed to keep a constant value.