USDG (Global Dollar) is a US dollar stablecoin issued by Paxos, fully backed and redeemable 1:1 for dollars, and regulated by the Monetary Authority of Singapore with a separate EU issuance under MiCA. Its defining feature is the Global Dollar Network, which lets partner platforms receive up to 100% of the reserve returns on USDG held on their platform.
Supply stood at about $3.17 billion, per CoinGecko on October 5, 2026. This guide explains how USDG works, who issues it, which chains it runs on, how the revenue sharing reaches holders, and how USDG compares with USDC.
What Is USDG?
USDG is a single-currency stablecoin pegged to the US dollar. Paxos mints a token when a customer deposits dollars and burns it on redemption, so supply tracks reserves. Reserves are cash and cash equivalents held in segregated accounts, and Paxos publishes monthly reserve reports plus third-party attestations, per the Paxos documentation.
The difference from most dollar tokens is who earns the reserve income. With USDC or USDT, the issuer keeps most of the interest earned on reserves. USDG routes that income to the exchanges, wallets, and fintechs that hold and distribute it, which gives those platforms a commercial reason to support the token.
Who Issues USDG?
Two Paxos entities issue USDG. Paxos Digital Singapore, a Major Payments Institution supervised by the Monetary Authority of Singapore, issues the Singapore token. Paxos Issuance Europe issues the EU token under supervision of the Finnish FIN-FSA in compliance with MiCA, per Paxos. Paxos has issued stablecoins since 2018.
Entity | Regulator | Token |
Paxos Digital Singapore | Monetary Authority of Singapore, per Paxos | USDG |
Paxos Issuance Europe | FIN-FSA under MiCA, per Paxos | USDG (EU) |
Paxos Trust Company, N.A. | OCC, per Paxos | PYUSD, USDP, PAXG (not USDG) |
Paxos also issues PayPal USD. For the company background, read our guide to Paxos.
How the Global Dollar Network Revenue Sharing Works
The Global Dollar Network pays partners for holding and growing USDG adoption. Partners can receive up to 100% of the returns generated by the assets backing USDG held on their platform, per the network site. Exchanges, wallets, payment processors, and DeFi protocols each earn based on the USDG balances they custody or circulate.
Whether an end user earns anything depends on the platform. Some partners pass part of the reward to customers as an earn program or savings rate; others keep it. USDG itself does not pay interest to holders directly, so check the terms on the specific exchange or app where you hold it.
What Chains Is USDG On?
USDG is live on Ethereum, Ink, Mantle, Robinhood Chain, Solana, and X Layer, per Paxos, with more public chains planned. Earlier versions of this page listed only Ethereum, Solana, Ink, and X Layer. Mantle and Robinhood Chain are the newest additions, which matters if you plan to bridge or swap USDG.
To move USDG between chains or into another stablecoin, see our guide to stablecoin swap platforms.
USDG vs USDC
USDG and USDC are both regulated, fully reserved dollar tokens with similar backing. The differences are scale, regulator, and who keeps reserve income. USDC supply was $75.2 billion on September 24, 2026, per Circle, against about $3.17 billion of USDG, per CoinGecko. USDC has deeper liquidity; USDG pays its distributors.
Feature | USDG | USDC |
Issuer | Paxos Digital Singapore and Paxos Issuance Europe, per Paxos | |
Regulators | MAS and FIN-FSA under MiCA, per Paxos | US regulators and MiCA in the EU |
Supply | About $3.17 billion, per CoinGecko | $75.2 billion on Sep 24, 2026, per Circle |
Reserve income | Up to 100% shared with partners, per Global Dollar Network | Retained by the issuer |
Reserve reporting | Monthly reports and attestations, per Paxos documentation | Monthly attestations |
Chains | Six listed by Paxos | Many chains natively |
Where to Buy USDG
USDG trades on Kraken and Robinhood, among other exchanges, and can be held in any wallet on its supported chains. Institutions can mint and redeem directly with Paxos. Availability varies by country, so check that your exchange supports USDG where you live.
USDG Risks
USDG has a shorter track record and thinner liquidity than USDC or USDT. Its partner economics depend on interest rates: if Treasury yields fall, the rewards that attract platforms shrink. Stablecoin rules continue to change, and each chain deployment adds smart contract and bridge risk for holders.
USDG FAQ
What is USDG crypto?
A US dollar stablecoin issued by Paxos, backed 1:1 by cash and cash equivalents, and regulated in Singapore and the EU.
Does USDG pay interest?
Not directly. The Global Dollar Network shares reserve returns with partner platforms, and some of them pass a reward to users.
Is USDG backed 1:1?
Yes. Paxos states USDG is fully backed and redeemable 1:1 for dollars, with monthly reserve reports and attestations, per the Paxos documentation.
How much USDG is in circulation?
About $3.17 billion, per CoinGecko on October 5, 2026.
Is USDG the same as USDC?
No. Both are dollar stablecoins, but Paxos issues USDG and shares reserve income with partners, while Circle issues USDC and retains it.