Major crypto firms united to introduce the Global Dollar (USDG) stablecoin, which will streamline the stablecoin landscape and accelerate adoption. The USDG will use nearly 100% of the revenue generated from its reserve assets to reward network partners rather than the issuer.

The MAS-compliant single-currency stablecoin (SCS) pegged to the U.S. dollar on a 1:1 basis will be used as an interoperable building block for open-source smart contracts to enable developers to create new products and services with USDG. Starting November 5th, additional cross-sectoral users, including merchants, investment platforms, custodians, card networks, payment fintech, banks, exchanges, and protocols, will be able to join the Global Digital Network to support global money movement innovation.

The new USDG token aims to reshape stablecoin adoption 

[4/4] Global Dollar Network will revolutionize the stablecoin market by offering a solution where partners can receive up to 100% of the returns generated by assets backing USDG held on platform.

Join the new frontier: https://t.co/RwFa3PmihB

— Global Dollar Network (@global_dollar) November 4, 2024

According to the Global Digital Network, the USDG is designed to reward and accelerate global stablecoin adoption. Partners will receive up to 100% of the returns generated from assets backing the USDG held on the platform. Unlike many stablecoins that fall short of meeting consumer protection and industry-standard requirements, the network will leverage the strengths of each of its partners to incentivize broader financial solutions involving the USDG token.

Nathan McCauley, the CEO of Anchorage Digital, emphasized that institutions would have many opportunities with the Global Dollar (USDG). The institutions would be able to effect faster cross-border and peer-to-peer settlements, get the chance to earn rewards on USDG deposits, and have efficient trading capabilities. The Global Dollar Network will be directed by a network advisory committee with partner representation to offer solutions meeting the stringent global enterprise demands while promoting collaborative innovation and growth.

“Stablecoins are replatforming the financial system and revolutionizing how people interact with US dollars and payments…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.”

–Charles Cascarilla, CEO and Co-founder at Paxos

Cascarilla affirmed that most of the established stablecoins were unregulated and retained all the reserve economics. Arjun Sethi, Kraken’s Co-CEO, added that the lack of competition in the regulated stablecoin market prevented the industry from reaching its full potential.

The USDG equitable model to accelerate new stablecoin use cases

According to Johann Kerbrat, the GM and VP of Robinhood Crypto, the USDG would re-platform the financial system and revolutionize how people interact with payments and the U.S. dollar. The USDG will be expected to bridge traditional finance and cryptocurrencies to enable faster, lower-cost, and more efficient transactions.

Tom Farley, the CEO of Bullish, echoed Kerbrat’s sentiments, saying that the USDG would be essential in bridging the gap between traditional markets and crypto. Paxos reiterated that stablecoin shortcomings hindered overall industry innovation and represented lost opportunities for custodians, investment platforms, and exchanges seeking low-cost, and secure stablecoin options. The USDG will provide proportionate financial benefits to all partners. 

While the Global Dollar Network was currently in an invite-only phase, it would soon be open to anyone meeting specified conditions.

Dogecoin has achieved another historic milestone, as Dogecoin whales recorded their largest accumulation week since January 2024. Over 2.1 billion DOGE tokens were purchased during this period, underscoring the resurgence of interest and renewed confidence in the doggy-themed meme coin among prominent large-scale investors. 

Dogecoin Whales Set New Accumulation Record

 Over the past week, Dogecoin whales have been on a significant accumulation trend, buying more DOGE tokens than ever since the beginning of this year, when the positive sentiment surrounding meme coins was high. Data from IntoTheBlock has revealed that many Dogecoin addresses holding large quantities of tokens accumulated over 2.1 billion just last week. 

Additionally, Dogecoin whale activity has increased sporadically in the last few weeks. The platform reports that large-scale investors moved approximately 16.24 billion DOGE tokens, valued at $2.76 billion, over the past seven days. In the last 24 hours, these whales transferred another staggering 8.53 billion tokens, worth about $1.29 billion. 

This recent Dogecoin whale accumulation trend represents one of the most substantial purchases in the past few months. The spike in whale activity also comes as the Dogecoin price is seeing renewed momentum, experiencing price increases despite the broader market volatility.

More often than not, whale activity is considered a strong indicator of market sentiment, suggesting that investors are possibly bullish on a particular cryptocurrency. Given the immense influence these so-called whales can have on a cryptocurrency, market experts carefully monitor their trades and movements to gauge the potential impacts on price trends and overall market dynamics. 

In the case of Dogecoin, data from CoinMarketCap reveals that the price of the meme coin has increased by 6.01% over the past week. This price surge aligns with the recent spike in whale activity. Moreover, with Dogecoin closing October in the green, the potential for continued price increases is still in play. 

Including its increase in whale activity, DOGE has also experienced a surge in its market capitalization and trading volume. The meme coins trading volume is up by 30.95% while its market cap has climbed to $22.12 billion, securing its position as the 8th largest cryptocurrency. 

DOGE TD Sequential Flashes Buy Signal

While Dogecoin whales are on a significant accumulation spree, crypto analyst Ali Martinez has unveiled a new technical indicator signaling a change in market sentiment. The TD Sequential, a popular tool for identifying trend reversals, is now flashing a strong buy signal for Dogecoin. 

According to Martinez, the buy signal was seen on the Dogecoin 4-hour chart, suggesting that the meme coin may be poised for further upward movement. In light of this trend, the analyst predicts that if Dogecoin maintains a price above the $0.141 support, the meme coin could rebound to $0.162. It’s important to note that the Dogecoin price is currently trading at $0.15, according to CoinMarketCap.