Table of Contents
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, 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, 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).
- 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; DefiLlama).
USDG at a Glance
| Item | Value | Source, date |
|---|---|---|
| Name | Global Dollar (USDG) | globaldollar.com, 26 Oct 2026 |
| Issuers | Paxos Digital Singapore (MAS); Paxos Issuance Europe (FIN-FSA, MiCA) | globaldollar.com, 26 Oct 2026 |
| Launched | 1 November 2024, on Ethereum | Paxos newsroom |
| Redemption | 1:1 for US dollars from Paxos | paxos.com/usdg, 26 Oct 2026 |
| Reserve reporting | Monthly reserve reports | paxos.com/usdg, 26 Oct 2026 |
| Supply | $3.08B, rank 7 | DefiLlama, 26 Oct 2026 |
| Top chains | X Layer $1.31B, Robinhood Chain $677M, Solana $632M, Ethereum $337M, Ink $65M, Arbitrum $60M | DefiLlama, 26 Oct 2026 |
| Partner model | Network partners earn rewards on balances and circulation | 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). It later added an EU issuer, Paxos Issuance Europe, regulated by Finland's FIN-FSA under MiCA (Paxos).
Paxos's US entity, Paxos Trust Company, N.A., is listed as issuing PYUSD, USDP and PAXG under OCC oversight, not USDG (Paxos, 26 Oct 2026). How USDG is treated in the US once the GENIUS Act applies on 18 Jan 2027 is not yet settled; see our GENIUS Act explainer.
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, 1 Nov 2024). MiCA requires Paxos Issuance Europe to hold part of the reserves with European banks (Paxos). Paxos publishes monthly reserve reports (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). 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, 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). 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); 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. 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, 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). Compare rates on our stablecoin yields page.
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, 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).
- 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.
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, 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).
