Stablecoin firm Paxos has issued a new dollar-pegged token with support from several popular crypto firms.

Paxos announced the launch of a new U.S. dollar-backed stablecoin, the Global Dollar (USDG), in November alongside the introduction of a broader initiative featuring top companies in the blockchain sector.

The company called USDG a “new, safe and trusted stablecoin.” It emphasized its intended goals of advancing stablecoin adoption globally and meeting the needs of regulated institutions with high operational standards.

Paxos said that USDG is immediately available on Ethereum. The company plans to issue USDG on other blockchains in the near future.

USDG is backed by U.S. dollar deposits and high-quality liquid assets to maintain price parity with the dollar and ensure that fiat redemptions are possible at all times.

DBS Bank, the largest Southeast Asian bank by assets, will act as Paxos’ primary banking partner for provide cash management and USDG reserve custody.

Paxos Digital Singapore, regulated by the Monetary Authority of Singapore (MAS), is the issuer of USDG. An affiliate, Paxos Global, will partner with other services to distribute the USDG stablecoin to individuals and institutions.

On Nov. 4, Paxos unveiled the Global Dollar Network, a group that will work to incentivize crypto and financial solutions that make use of the USDG stablecoin.

Paxos said that the new network is “revolutionizing” the market by offering a stablecoin with “proportionate economic benefits to all partners.” It noted existing stablecoins have failed to meet institutional needs, especially needs around standards and consumer protection. It also noted that traditional enterprise adoption can impose high costs on blockchains and the economy at large.

Initial members include crypto exchanges Bullish and Kraken, institutional crypto bank Anchorage Digital, digital asset company Galaxy Digital, payment processor Nuvei, trading platform Robinhood, and Paxos itself. Other members are expected to join the group, which is currently in an invite-only phase.

Four members — Anchorage Digital, Galaxy Digital, Kraken and Paxos — will provide users with access to USDG immediately. The others plan to add USDG soon.

As of Nov. 7, the stablecoin market was worth $180 billion, making up a significant portion of the $2.7 trillion crypto market.

Tether’s USDT and Circle’s USDC stablecoins lead the stablecoin market, with market caps of $122 and $37 billion, respectively.

USDG has a smaller market cap of $10.7 million. Paxos is also responsible for several other stablecoins, including the $537 million PayPal USD (PYUSD), the $110 million Pax Dollar (USDP), and the $538 million Pax Gold (PAXG).

Other companies are advancing their stablecoin plans. Ripple is testing its Ripple USD, and the crypto custodian BitGo has announced plans for its USD Standard stablecoin. Revolut is also rumored to be exploring the area.