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# What Is USDG? The Global Dollar Stablecoin Explained
- URL: https://stablecoininsider.org/usdg-stablecoin/
- Published: 2026-10-26T09:22:34.000Z
- Updated: 2026-10-26T09:23:57.000Z
- Description: USDG, the Global Dollar, is a dollar stablecoin issued by Paxos in Singapore and the EU and redeemable 1:1. Supply was $3.08B on 26 Oct 2026. Here is who regulates it, what backs it, how the partner network shares rewards, chains, yield and risks.
- Author: Alexandra
- Tags: Stablecoins

Last updated: 26 October 2026.

USDG (Global Dollar) is a US dollar stablecoin issued by Paxos Digital Singapore under the Monetary Authority of Singapore and by Paxos Issuance Europe under MiCA, redeemable 1:1 for dollars through Paxos ([Global Dollar](https://www.globaldollar.com/), checked 26 Oct 2026). Partners in the Global Dollar Network share in reserve rewards for holding and distributing it. USDG is not the same coin as USDGO, a separate stablecoin from OSL Group.

### Key Takeaways

- USDG is issued by Paxos Digital Singapore, a MAS Major Payments Institution, and by Paxos Issuance Europe under FIN-FSA supervision and MiCA ([Global Dollar](https://www.globaldollar.com/), 26 Oct 2026).
- USDG supply was $3.08B on 26 Oct 2026, seventh among dollar stablecoins, against a $3.44B peak on 12 May 2026 ([DefiLlama](https://defillama.com/stablecoin/global-dollar)).
- X Layer holds the most USDG ($1.31B), followed by Robinhood Chain ($677M), Solana ($632M) and Ethereum ($337M) (DefiLlama, 26 Oct 2026).
- Global Dollar Network partners earn rewards on USDG balances they hold and on growing circulation, instead of the issuer keeping all reserve income (Global Dollar, 26 Oct 2026).
- Holders could earn up to 4.5% APY on USDG with Kraken+ or 4.81% in Maple's syrupUSDG pool on 26 Oct 2026, both variable ([Kraken](https://www.kraken.com/kraken-plus); [DefiLlama](https://defillama.com/yields/pool/4c004503-9587-46f2-a362-d23a80f4b691)).

## USDG at a Glance

| Item              | Value                                                                                        | Source, date                                                                         |
| ----------------- | -------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------ |
| Name              | Global Dollar (USDG)                                                                         | [globaldollar.com](https://www.globaldollar.com/), 26 Oct 2026                       |
| Issuers           | Paxos Digital Singapore (MAS); Paxos Issuance Europe (FIN-FSA, MiCA)                         | [globaldollar.com](https://www.globaldollar.com/), 26 Oct 2026                       |
| Launched          | 1 November 2024, on Ethereum                                                                 | [Paxos newsroom](https://www.paxos.com/newsroom/paxos-introduces-global-dollar-usdg) |
| Redemption        | 1:1 for US dollars from Paxos                                                                | [paxos.com/usdg](https://www.paxos.com/usdg), 26 Oct 2026                            |
| Reserve reporting | Monthly reserve reports                                                                      | [paxos.com/usdg](https://www.paxos.com/usdg), 26 Oct 2026                            |
| Supply            | $3.08B, rank 7                                                                               | [DefiLlama](https://defillama.com/stablecoin/global-dollar), 26 Oct 2026             |
| Top chains        | X Layer $1.31B, Robinhood Chain $677M, Solana $632M, Ethereum $337M, Ink $65M, Arbitrum $60M | [DefiLlama](https://defillama.com/stablecoin/global-dollar), 26 Oct 2026             |
| Partner model     | Network partners earn rewards on balances and circulation                                    | [globaldollar.com](https://www.globaldollar.com/), 26 Oct 2026                       |

## Who Issues USDG and Who Regulates It

Paxos Digital Singapore launched USDG on 1 November 2024 as a stablecoin substantively compliant with the MAS framework then in development ([Paxos](https://www.paxos.com/newsroom/paxos-introduces-global-dollar-usdg)). It later added an EU issuer, Paxos Issuance Europe, regulated by Finland's FIN-FSA under MiCA ([Paxos](https://www.paxos.com/newsroom/global-dollar-%28usdg%29-launches-in-the-eu)).

Paxos's US entity, Paxos Trust Company, N.A., is listed as issuing [PYUSD](https://stablecoininsider.org/pyusd-stablecoin/), USDP and PAXG under OCC oversight, not USDG ([Paxos](https://www.paxos.com/usdg), 26 Oct 2026). How USDG is treated in the US once the [GENIUS Act](https://www.govinfo.gov/content/pkg/PLAW-119publ27/html/PLAW-119publ27.htm) applies on 18 Jan 2027 is not yet settled; see our [GENIUS Act explainer](https://stablecoininsider.org/genius-act/).

## What Backs USDG

At launch Paxos said USDG is backed only by high-quality liquid assets: US dollar deposits, short-duration US government securities and similar cash equivalents, with DBS Bank as primary banking partner for cash management and custody ([Paxos](https://www.paxos.com/newsroom/paxos-introduces-global-dollar-usdg), 1 Nov 2024). MiCA requires Paxos Issuance Europe to hold part of the reserves with European banks ([Paxos](https://www.paxos.com/newsroom/global-dollar-%28usdg%29-launches-in-the-eu)). Paxos publishes monthly reserve reports ([paxos.com/usdg](https://www.paxos.com/usdg)).

## How the Global Dollar Network Works

The Global Dollar Network launched in November 2024 with Anchorage Digital, Bullish, Galaxy Digital, Kraken, Nuvei, Paxos and Robinhood as initial partners ([Paxos](https://www.paxos.com/newsroom/introducing-global-dollar-network-an-open-network-to-accelerate-and-reward-global-stablecoin-adoption-driven-by-anchorage-digital-bullish-galaxy-digital-kraken-nuvei-paxos-and-robinhood)). Today the site pitches three ways partners earn: rewards on USDG balances they hold, recurring revenue from increasing total circulation, and incentives for inbound deposits and payments ([Global Dollar](https://www.globaldollar.com/), 26 Oct 2026).

## Where USDG Lives: Chains

On 26 Oct 2026, DefiLlama counted $1.31B of USDG on X Layer, $677M on Robinhood Chain, $632M on Solana, $337M on Ethereum, $65M on Ink and $60M on Arbitrum ([DefiLlama](https://defillama.com/stablecoin/global-dollar)). Bridged versions such as USDG0 are separate wrappers with their own contract risk.

## How to Get USDG

Retail users can get USDG on exchanges and apps in the network, such as Kraken ([Kraken](https://www.kraken.com/kraken-plus)); availability varies by country. Businesses can mint and redeem directly with Paxos, covered step by step in [how to mint and redeem USDG with Paxos](https://stablecoininsider.org/how-to-mint-and-redeem-usdg-with-paxos/). Payment firms such as Kea also support it.

## USDG Yield Options

Kraken+ advertises up to 4.5% APY on USDG for subscribers, with non-subscribers getting about half and rates varying by country ([Kraken](https://www.kraken.com/kraken-plus), 26 Oct 2026). Maple's syrupUSDG pool showed 4.81% APY on 26 Oct 2026, about 4.96% averaged over 30 days, with $678M in TVL ([DefiLlama](https://defillama.com/yields/pool/4c004503-9587-46f2-a362-d23a80f4b691)). Compare rates on our [stablecoin yields page](https://stablecoininsider.org/compare-top-stablecoin-yields/).

## USDG vs USDC vs PYUSD

|                     | USDG                                           | USDC              | PYUSD                                    |
| ------------------- | ---------------------------------------------- | ----------------- | ---------------------------------------- |
| Issuer              | Paxos Digital Singapore; Paxos Issuance Europe | Circle            | Paxos Trust Company, N.A.                |
| Regulators          | MAS; FIN-FSA under MiCA                        | Varies by entity  | OCC                                      |
| Reward model        | Shared with network partners                   | Through platforms | PayPal pays rewards on eligible balances |
| Supply, 26 Oct 2026 | $3.08B                                         | $71.64B           | $2.92B                                   |
| Top chain           | X Layer                                        | Ethereum          | Ethereum                                 |

Supply figures: [DefiLlama stablecoins](https://defillama.com/stablecoin/global-dollar), 26 Oct 2026.

## Risks to Know

- Issuer and bank concentration: Paxos entities and their banking partners hold the reserves.
- Chain concentration: over 40% of supply sat on X Layer on 26 Oct 2026 ([DefiLlama](https://defillama.com/stablecoin/global-dollar)).
- Bridge and wrapper risk for versions such as USDG0.
- Regional availability: not every product or reward is offered in every country.
- No deposit insurance: USDG is not a bank deposit.

For the growth story through mid 2026, read our [USDG Q2 2026 report](https://stablecoininsider.org/usdg-q2-2026-report-supply-growth-partner-expansion-and-the-robinhood-chain-moment/).

## FAQs

### What is USDG?

The Global Dollar, a US dollar stablecoin issued by Paxos entities in Singapore and the EU and redeemable 1:1.

### Who regulates USDG?

MAS in Singapore and Finland's FIN-FSA under MiCA in the EU ([Global Dollar](https://www.globaldollar.com/), 26 Oct 2026).

### How big is USDG?

$3.08B on 26 Oct 2026, seventh among dollar stablecoins (DefiLlama).

### Can I earn yield on USDG?

The token pays nothing by itself. Kraken+ offers up to 4.5% and Maple's syrupUSDG paid 4.81% on 26 Oct 2026, both variable.

### What is the Global Dollar Network?

A group of exchanges, wallets and fintechs that hold and distribute USDG and share in its rewards.

### Is USDG the same as USDGO?

No. USDGO is a separate stablecoin from OSL Group.

### Which blockchains support USDG?

Mainly X Layer, Robinhood Chain, Solana and Ethereum, plus Ink and Arbitrum (DefiLlama, 26 Oct 2026).