🚨 Arbitrum backs Paxos’ USDG in the Global Dollar stablecoin alliance, aiming to earn reserve income as competition heats up for digital dollar distribution. This move signals Ethereum L2s are actively seeking yield from stablecoin ecosystems, not just transaction volume. As alliances form, reserve economics could become a new battleground for L2 relevance. How will this shift impact ETH’s utility beyond gas fees?
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