The Hong Kong-based cryptocurrency exchange OSL Group (0863) is set to launch a new U.S. dollar stablecoin, with issuance overseen by federally chartered crypto bank Anchorage Digital, as announced on Thursday.
The USDGO token aims to facilitate cross-border payments, treasury operations, and on-chain settlements, according to the press release. It will be fully backed by liquid U.S. dollar assets, including U.S. Treasuries, and will feature built-in compliance elements such as know-your-customer (KYC) checks and anti-money laundering (AML) protocols.
This token will also enable issuance across multiple blockchains, catering to enterprise users who seek a compliant, dollar-denominated digital asset.
This announcement comes amid the rising global popularity of stablecoins—cryptocurrencies pegged to fiat currencies like the U.S. dollar—prompted by new regulations. Currently valued at $300 billion, Citi projects that stablecoins could expand to a market worth between $1.9 trillion and $4 trillion by 2030, becoming increasingly utilized for payments and cross-border transactions.
Although OSL has strong ties to Asia’s digital asset market, its decision to issue USDGO through a U.S. bank underscores the growing significance of the U.S. market following the recent enactment of the GENIUS Act to regulate the stablecoin industry.
“Businesses demand quicker settlements, lower transaction costs, and a global presence without compromising compliance,” said OSL Group CEO Kevin Cui in a statement. “By partnering with Anchorage Digital—the only federally regulated stablecoin issuer in the U.S.—we are able to provide a product that fulfills these requirements while ensuring the highest regulatory standards in the market.”
Read more: Anchorage Digital Aims to Pay ‘Rewards’ on Ethena’s Tokens Under GENIUS Act
