Huma, a pioneering PayFi network facilitating global payments, announced today that it has officially joined the Global Dollar Network (GDN).
While GDN is a coalition of leading enterprises committed to accelerating the adoption of stablecoins through aligned incentives, regulatory clarity, and global utility, its partnership with Huma follows plans to boost the adoption of stablecoins on the Solana network.
Following its impressive records in payment-backed transactions, Hum proves capable in addressing a global market exceeding $30 trillion annually. Hence, it will foster the growth of stablecoins like USDG, considering their critical role in the evolving financial landscape.
According to the announcement, Paxos launched the network and powered it with Global Dollar (USDG), a US dollar-backed stablecoin issued by Paxos Digital Singapore.
USDG complies with the Monetary Authority of Singapore’s (MAS) upcoming stablecoin regulatory framework. Hence, it will contribute to the adoption of stablecoin on Solana.
The Co-Founder of Huma, Erbil Karaman, commented on the partnership, saying;
“Stablecoins are ready to power global payments and fintechs, however single issuer stablecoins fail to create the network effect needed to accelerate adoption. That’s why we are so excited to be joining GDN alongside many of our existing partners and bring the PayFi movement to the masses.”
While USDG is available on Solana, Ethereum, and other public blockchains approved by MAS, USDG supports fast, low-cost, and secure global money movement.
Although USDG supports multiple blockchains, its preferred blockchain is Solana due to the network’s unparalleled speed, efficiency, and scalability, making it ideally suited for powering real-time financial transactions.
Following its strong adoption and capacity for supporting global-scale financial operations, Solana currently boasts of around $3.5 to $4 billion of daily stablecoin volume.
Ronak Daya, Head of Product at Paxos, also commented, saying;
Huma joins Global Dollar Network with a proven track record in delivering liquidity and credit solutions for global payments. Their infrastructure directly strengthens our network partners’ ability to move money efficiently across borders.
“With significant stablecoin volume already on Solana, USDG is well-positioned for adoption in remittance and money movement, an area in which Huma addresses critical challenges around liquidity and pre-funding.”
While stablecoin adoption has continued to accelerate with regulatory clarity emerging with the GENIUS Act, Huma will leverage the infrastructure opportunity ahead with its integration with Global Dollar Network to further accelerate the use of stablecoins on Solana.