Global Dollar

USDG is issued by Paxos Digital Singapore, a Major Payments Institution supervised by the Monetary Authority of Singapore, and since 1 July 2025 also by Paxos Issuance Europe Oy, supervised by Finland's FIN-FSA. Paxos has issued stablecoins since 2018, including PayPal USD, USDP and PAXG. The contract code is public and was audited by Zellic and Trail of Bits. The OCC gave conditional approval to a Paxos national trust charter on 12 December 2025; completion of that conversion was not independently confirmed.

• Paxos docs: USDG overview
• Global Dollar (USDG) launches in the EU (Paxos newsroom)
• Global Dollar: USDG
• paxosglobal/usdg-contract (GitHub)

The Global Dollar Network was launched in November 2024 by Anchorage Digital, Bullish, Galaxy Digital, Kraken, Nuvei, Paxos and Robinhood. By September 2026 its directory listed more than 400 organisations building with USDG, including Kraken, Bybit, Bitpanda and Luno. Partners receive up to 100% of the returns on reserves backing the USDG they hold, mint or accept. Kraken passes part of this to retail users as opt-in rewards of up to 4.50% APY, funded by Kraken.

• Introducing Global Dollar Network (Paxos newsroom)
• Global Dollar: network directory
• Global Dollar Network
• Kraken support: Stablecoin Rewards

USDG is minted and burned by Paxos against US dollars and is redeemable one-to-one for verified customers within five business days. Reserves may only be cash in segregated accounts, government debt of up to three months, overnight reverse repo backed by US government securities, and government money market funds, held apart from Paxos's creditors. Paxos publishes monthly attestation and reserve reports; from 27 February 2026 they are issued by KPMG. Holders receive no interest on the reserves. Supply is not fixed; it follows demand.

• Global Dollar (USDG) white paper
• Paxos: Global Dollar (USDG) transparency reports

On 27 September 2026 DefiLlama showed about $3.18 billion of USDG in circulation: about $1.48 billion on X Layer, $689 million on Robinhood Chain, $675 million on Solana, $270 million on Ethereum and $63 million on Ink. CoinGecko showed about $3.26 billion, a price of $0.9999 and 24-hour volume of about $325 million. Ethereum had 8,924 holder addresses. Early price swings, from $0.908 to $1.65, came in thin trading in the first months after launch.

• DefiLlama Stablecoins API
• CoinGecko API: Global Dollar (USDG)
• Etherscan: Global Dollar (USDG)