It’s early days for Global Dollar (USDG), a stableecoin debuting in November, but a thousand companies could join the group that helps popularize the token in return for a proportion of the dividend earned on reserve assets, according to Crypto Exchange Kraken, one of the basic partners.

USDG, if other backers include Trading Platform Robinhood (HOOD), StableCoin issuer Paxos, Crypto Investor Galaxy Digital and Crypto Bank Anchorage Digital, recently greeted 19 new participants, many of them crypto native companies. Banks and large traditional financing companies are also running, said Kraken’s Consumer Business Lead Mark Greenberg.

“There are 25-Plus partners now, and I hope in another month, we advertise the next 25 and then the next 25. Then from 25 to 50 to 1,000,” Greenberg said in an interview. “I am very excited about some of the partners who come up in traditional finance and in crypto – big names on both sides. We are talking to a lot of banks and I think a few will come online soon.”

The changing dollar -stableco -landscape has been dominated by two major players: Tether’s USDT, far and away the largest on a market capital of over $ 150 billion, and Circle’s USDC commanding a circulation of just over $ 60 billion. USDG has only $ 276 million, making it the 24th largest stableecoin in a CoingeCko location.

Paxos, the New York-regulated StableCOin specialist, who supports USDG, initially offered a challenger to USDC and USDT in the form of bonding with the exchange giant Binance, but the partnership was interrupted for regulatory reasons.

Greenberg pointed out that USDG is a “real consortium” and Paxos is a distribution partner, albeit with some special administrative tasks.

“We are building a decentralized society around stableecoin with dividends going back to everyone,” Greenberg said. “Some of us are basic partners, and if we were a real estate company, Paxos would be property management. They make sure the licenses are in place and that the treasury is handled properly and that the coin is done. But it is for all of us to be equal partners in making the Global Dollar Network a success.”

Running the growth of consortium is the yield that both incentive companies to participate, and also reimaginated stablecoins as part of the wider financial system, Greenberg said. It’s also how USDG plans to challenge the dominance of Tether and Circle.

“I believe in decentralization over centralization. I believe in giving the value back to users, and USDG does it in a way you can’t with circle or bound today,” Greenberg said. “Tether and Circle make a lot of money. In bank you give your deposits and they do things with it, but you get almost nothing left. But stableecoins shouldn’t be like that.”

Kraken moves a lot of money around the world, and the company has of course used USDG and eaten its own dog food, in business innovation Parlance.

“We spend global dollars and USDG all over the world,” Greenberg said. “You are sending a cord and it can take four or five days and get stuck in a random bank along the way. It is already changing really quickly. And you see players like Visa and Mastercard and others come to the table and stableecoins start playing this role in a much bigger way.”

Kraken’s clients also benefit from earning up to 4.1% on US dollars in each country in the world by putting their money into USDG, Greenberg added.

“If you’re in the US, it’s not so exciting because there are other ways to do it. But if you’re in Argentina, or if you’re in Canada where there’s no US dollar account and earning 4.1% is unheard of, it’s a very cool opportunity to make it happen.”