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Wavebridge becomes Korea's First Institutional Partner in Global Dollar Network, establishing a beachhead for the digital dollar. Mar 30, 2026, 08:00 ET As Korea Moves Toward Won Stablecoin Legislation, Wavebridge Joins Paxos Global Dollar Network as Nation's First Institutional Partner - Pioneering the Connection Between Korea's Emerging Stablecoin Ecosystem and Global Dollar Infrastructure SEOUL, South Korea, March 30, 2026 /PRNewswire/ - Korea is on the cusp of a stablecoin moment. With won-denominated stablecoin legislation advancing rapidly, industry observers increasingly identify the next critical challenge: seamless interoperability between Korean won stablecoins and the U.S. dollar stablecoin ecosystem. Today, Wavebridge takes a defining step toward making that future possible. Wavebridge, Korea's leading digital asset prime brokerage and custody firm, has officially joined the Paxos Global Dollar Network (GDN) as Korea's first and only institutional partner - becoming the first Korean institution to establish a direct, contractual bridge between Korea's institutional market and the global dollar-backed stablecoin infrastructure. Why This Matters Now Korea's stablecoin regulatory framework is nearing legislation. As won-backed stablecoins move closer to reality, the ability to interoperate with dollar-backed stablecoins will emerge as the next defining infrastructure challenge for Korean financial institutions. Wavebridge is now the first Korean institution with issuer-direct access to USDG - making it the first domestic gateway capable of bridging Korea's emerging stablecoin ecosystem with the global dollar infrastructure through the USDG system. What Is the Global Dollar Network? The Global Dollar Network is an open network designed to accelerate and reward global stablecoin adoption. Powered by USDG (Global Dollar), the network unites the world's leading financial institutions and digital asset firms including Paxos, Robinhood, Kraken, OKX and over one hundred others in a trusted framework for stablecoin distribution and adoption. Wavebridge joins as Korea's first and only institutional partner, serving as the official conduit for Korean institutional clients seeking access to the global dollar stablecoin network. USDG Institutional Custody Service Wavebridge will launch Korea's first institutional USDG custody service, backed by its GDN partnership. Under the terms of the agreement, institutional clients holding USDG through Wavebridge's platform will have access to the rewards from the GDN ecosystem. Unlike traditional stablecoin custody - which has largely been limited to simple safekeeping - Wavebridge's service offers institutional investors a differentiated value proposition: the opportunity to earn rewards simply by holding USDG in custody with Wavebridge, structured across the following custody tiers. This marks a fundamental shift from conventional stablecoin custody, which has traditionally offered no financial rewards. Wavebridge's model introduces a new institutional reward infrastructure to the Korean market - one where simply holding a trusted dollar stablecoin generates measurable rewards. USDG Minting and Redemption Service - Coming Later This Year In line with the implementation of stablecoin regulations, Wavebridge will launch minting and redemption capabilities for USDG. Under the GDN partnership agreement, Wavebridge will serve as the official distributor providing Korean institutional clients with access to USDG. This gives Korean institutions direct, regulated access to dollar stablecoin on- and off-ramps for the first time - a capability that will prove foundational as won-dollar stablecoin interoperability becomes a market imperative. "Joining the Global Dollar Network as Korea's first institutional partner is not just a business milestone - it is a strategic positioning," said John Oh, CEO of Wavebridge. "As Korea moves toward won stablecoin legislation, the ability to connect that ecosystem to the global dollar infrastructure will be the next defining challenge. Wavebridge is built to be that bridge. We are the only Korean player with direct contractual access to USDG, and we intend to use that position to bring institutional-grade dollar stablecoin infrastructure to the Korean market - starting with custody in March and expanding to minting and redemption." About USDG USDG (Global Dollar) is a dollar-pegged stablecoin issued by Paxos Digital Singapore Pte. Ltd., supervised by the Monetary Authority of Singapore (MAS) as a Major Payments Institution. In the EU, USDG is issued by Paxos Issuance Europe Oy (PIE), an Electronic Money Institution regulated by the Finnish Financial Supervisory Authority (FIN-FSA). Backed 1:1 by cash and U.S. government securities held in segregated reserve accounts. 1 USDG = 1 USD at all times. About Wavebridge Wavebridge is Korea's leading digital asset prime brokerage and custody firm, providing institutional clients with integrated solutions across trade execution, asset custody, and risk management. Anchored by global partnerships and a rigorous compliance framework, Wavebridge is dedicated to connecting Korean institutional investors with the world's most trusted digital asset infrastructure. Wavebridge Media Contact Rebecca Kim Principal Advisor, Brand & IR Strategy / Global Communications, Wavebridge [email protected] SOURCE Wavebridge

Ex-Blackstone staffers raise $25 million for startup Valinor, which aims to put private credit on the blockchain. Many corners of finance - stock exchanges, banks, and payments firms - are embracing digital assets, but the private credit industry has largely stayed away from the crypto craze. The startup Valinor aims to change this, and, on Monday, the company announced that it's raised $25 million to put private credit on the blockchain. Castle Island Ventures led the seed round, which also included the crypto arm of the marquee trading firm Susquehanna, Maven11, and the founders of the Bitcoin-mining-turned-AI company TeraWulf. Connor Dougherty and Lily Yarborough, the cofounders of Valinor, declined to specify at what valuation they raised their capital. "I think what these guys are doing is really just like being able to be the translation agent between these two industries," said Sean Judge, general partner at Castle Island Ventures, in reference to the crypto and private credit sectors. Crypto and private credit. Wall Street already has a growing list of "translation agents" positioning themselves as go-betweens crypto and finance. Those include the Nasdaq and New York Stock Exchange, which are exploring tokenizing stocks, or putting company shares into blockchain wrappers. Banks are experimenting with tokenizing deposits. And asset managers are putting funds, including money market funds, on the blockchain. There are also crypto-literate startups like Alpaca, which recently raised a $150 million Series D round to challenge Interactive Brokers. Dougherty and Yarborough believe they can leverage their traditional finance pedigrees to become crypto's go-between for yet another Wall Street category. The two started their careers as analysts at banks, went to the private credit arm of the asset manager Blackstone to work as investors, and, in 2022, they made the jump into crypto at a digital asset investment fund. Two years later, the pair founded the first iteration of Valinor. Yarborough described their initial venture as focused purely on lending to crypto businesses. Eventually, she and Dougherty decided that, in addition to lending to blockchain companies, they could use blockchains themselves to make the lending process more efficient. "We realized there was a real opportunity to use crypto technology to be a more effective lender," said Yarborough. When it comes to private credit, large institutions typically rely on a chain of humans to check and verify each other's work. Take, for example, a $50 million revolving credit line. Every week, a company can take out millions of dollars. If the firm repays a certain amount, it can borrow another sizable sum. It's a rules-based process, but private credit firms use a combination of spreadsheets and humans to make it work. Dougherty and Yarborough believe that smart contracts, or blockchain-based programs that automatically route money depending on whether certain conditions are met, can replace existing systems. "Especially at a private credit firm, you've always had someone who's actually pushing the wire button," said Dougherty. Valinor has already employed blockchain technology to spin up loans for a handful of fintech and crypto companies, said Dougherty. His firm, which currently has six employees, plans to use the new injection of capital to hand out more loans to more customers and hire more staff. And while there are existing lenders that issue loans backed by customers' Bitcoin or Ethereum, Valinor plans to service what Dougherty calls "real economy credit." "We identified a use case within credit where shared ledgers added a lot of value," said Yarborough.

Paxos offers $1M reward to find critical crypto vulnerabilities. Published on: March 27, 2026 Kathleen Kinder Barry Elad As Featured In Paxos has launched a $1 million bug bounty program to invite global security researchers to identify critical flaws across its crypto and web infrastructure. Key takeaways. * Paxos commits $1 million to reward researchers for discovering high impact vulnerabilities. * Program covers PYUSD, PAXG, USDG smart contracts along with Web2 systems like APIs and domains. * Top reward reaches $1 million for critical findings affecting core infrastructure. * Initial rollout is invite only via Cantina, with plans to expand access later. What happened? Paxos announced a major bug bounty initiative on the Cantina platform, aiming to strengthen its infrastructure by inviting security experts to test its systems. The program spans both blockchain-based assets and traditional web services, reflecting a broader security approach. The move follows Paxos's earlier commitment to the Aave and LlamaRisk communities when it launched USDG on Aave v3, reinforcing its promise to expand external security testing. Paxos expands security efforts with $1M incentive. Paxos is putting serious money behind its security strategy. The company has committed $1,000,000 in rewards, with the highest payout reserved for vulnerabilities that could significantly impact its systems. This is not just a symbolic initiative. Paxos is actively encouraging top tier security researchers to deeply analyze its infrastructure and uncover hidden risks. Rewards will be paid in Paxos issued stablecoins, aligning incentives with its ecosystem. The company currently manages over $8 billion in issued tokens, making security a critical priority as it operates under high regulatory standards, including holding an OCC national trust charter. Wide scope across Web2 and web3 systems. Unlike many crypto bug bounty programs that focus only on smart contracts, Paxos has taken a more comprehensive approach. The scope includes: * Web3 systems, such as smart contracts for PYUSD, PAXG, and USDG, along with cross-chain infrastructure. * Web2 components, including public facing products, APIs, and domains. This broader scope reflects how real world attackers operate, targeting multiple layers of infrastructure rather than isolated components. By covering both environments, Paxos aims to identify edge cases and complex vulnerabilities that may otherwise go unnoticed in traditional audits. Partnership with Cantina and initial invite only access. The bug bounty program is being launched on Cantina, a platform known for its Web3 focused security researcher community. During the initial rollout phase, participation is limited to an invite only group of researchers already active on Cantina. Paxos plans to gradually open the program to a wider audience after this early phase. Eric, Paxos Chief Information Security Officer, explained the choice of platform, stating: CoinLaw chose Cantina for their web3-native focus and a researcher community with the niche expertise to assess its contracts and services holistically, with context for its unique threat surface. Eric Chief Information Security Officer Paxos Researchers who are not yet part of the network can request access through the program page as Paxos prepares for broader participation. Delivering on security commitments. The launch also fulfills Paxos's earlier assurances made during the rollout of USDG on Aave v3. At the time, the company committed to enhancing external security validation in collaboration with partners like Aave and LlamaRisk. This bug bounty program adds another layer to Paxos's existing security framework, which already includes: * Design and code reviews * Third party audits * Penetration testing * Red teaming exercises Together, these efforts aim to continuously test and strengthen Paxos's infrastructure against evolving threats. CoinLaw's takeaway. I see this as a strong and necessary move by Paxos. In my experience, security in crypto is often reactive, but this feels proactive and serious. Offering a full $1 million reward signals that Paxos understands the stakes, especially with billions in assets under management. What stands out to me is the expanded scope beyond smart contracts. I found that many projects ignore Web2 vulnerabilities, even though attackers rarely limit themselves to blockchain code. Paxos addressing both layers shows maturity and real world awareness. If more firms follow this model, it could raise the overall security standard across the crypto industry. This article has been reviewed and fact-checked by Barry Elad. CoinLaw follows strict Publishing Principles to ensure accuracy, transparency, and editorial independence across all content. Add CoinLaw as a Preferred Source on Google for instant updates! Kathleen Kinder. Senior Editor Kathleen Kinder brings over 11 years of experience in the research industry, with deep expertise in finance, cryptocurrency, and insurance. At CoinLaw, she writes timely, reader-focused news articles and also serves as a senior editorial reviewer. Drawing on her background in B2B research, consumer insights, and executive interviews, she ensures every piece delivers clarity, accuracy, and real-world relevance. Disclaimer: The content published on CoinLaw is intended solely for informational and educational purposes. It does not constitute financial, legal, or investment advice, nor does it reflect the views or recommendations of CoinLaw regarding the buying, selling, or holding of any assets. 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