USDG to be linked with in-house settlement network ISN
Move aims to expand cross-border remittance, payments for global institutions
Aracore, the US subsidiary of blockchain and AI company BPMG, announced Friday it is joining the Global Dollar Network (GDN), a global network led by US blockchain firm Paxos.
The GDN is a global network built to expand the use of USDG, a dollar-backed stablecoin. More than 150 institutions across finance, payments and digital assets — including Mastercard, Kraken, Robinhood, Worldpay and OKX — participate in the network.
USDG is a dollar-backed stablecoin issued by Paxos Digital Singapore, the Singapore arm of Paxos. Through its GDN membership, Aracore plans to expand the integration of USDG and other global stablecoins with its proprietary Institutional Settlement Network (ISN).
The ISN is infrastructure that relays messages and coordinates settlement processes between financial institutions. Rather than relying on a single stablecoin, Aracore aims to build institutional digital financial infrastructure connecting multiple stablecoins and financial institutions.
"Aracore is building institutional infrastructure that connects global financial institutions with diverse digital dollar ecosystems, not limited to any single stablecoin," said Cha Ji-hoon, chief executive of Aracore. "This GDN membership will serve as the foundation for linking the USDG ecosystem with Aracore's global institutional network."
Meanwhile, BPMG has established partnerships with K bank, Hong Kong digital asset financial group HashKey and Canadian payments firm VirgoPAY. The three companies signed an MOU in July to pursue a proof-of-concept for a blockchain-based cross-border remittance model between South Korea and Hong Kong.
kyoung@heraldcorp.com
