USDG (Global Dollar) is a USD-pegged stablecoin issued by Paxos. Launched in November 2024, USDG was built around one core idea: share the economics of stablecoin reserves with the platforms that drive adoption, rather than keeping all the reserve income for the issuer.
​

That revenue-sharing model is what separates USDG from incumbents like USDC and USDT. Exchanges, wallets, fintech platforms, and payment processors that integrate USDG can earn a share of the returns generated by its reserve assets. The result is an incentive structure where adoption rewards the network, not just the issuer.
​

USDG is backed 1:1 by US dollar deposits and short-term US Treasury equivalents held in segregated, bankruptcy-remote accounts. The Singapore-issued token is regulated under the Monetary Authority of Singapore (MAS) framework, and a separate EU issuance is supervised under the Markets in Crypto-Assets (MiCA) regulation. As of May 2026, USDG has grown to roughly $2.75 billion in circulating supply and more than 130 integration partners, including Robinhood, Kraken, OKX, Galaxy Digital, Mastercard, and DBS Bank.
​

USDG maintains a 1:1 peg to the US dollar. Every USDG token in circulation is backed by equivalent reserves held in segregated, bankruptcy-remote accounts. According to Paxos, these reserves consist of cash deposits at regulated financial institutions and short-term US government securities.
​

Paxos issues and redeems USDG directly. When a partner or institutional user deposits USD, Paxos mints the equivalent amount of USDG. When they redeem, Paxos burns the tokens and returns USD. This mint-and-burn mechanism keeps the supply aligned with actual demand and reserves.
​

USDG launched natively on Ethereum and has since expanded to additional chains including Solana, Ink, and X Layer. In November 2025, Paxos Labs and LayerZero launched USDG0, an omnichain version built on the Omnichain Fungible Token (OFT) standard that extends USDG to chains where Paxos does not yet offer native issuance, beginning with Hyperliquid, Plume, and Aptos. This multichain approach positions USDG for use across DeFi, payments, and cross-chain swaps.
​

The Global Dollar Network (GDN) is the infrastructure and incentive layer built around USDG. It operates on a straightforward principle: platforms that contribute to USDG adoption and liquidity earn a share of the returns generated by USDG reserves.
​

This is a structural departure from how USDC and USDT operate, where the issuer (Circle or Tether) retains the majority of reserve yield. According to the Global Dollar Network, partners can receive up to 100% of the returns generated by USDG-backed assets held on their platform, plus additional revenue for minting and acceptance activity. In practice, exchanges earn for facilitating USDG trading pairs, wallets earn for holding USDG balances, payment processors earn for settling transactions in USDG, and DeFi protocols earn for providing USDG liquidity.
​

Some partners pass a portion of this revenue through to end users via savings accounts, earn programs, or yield-bearing balances. This creates a potential benefit for stablecoin holders that depends on the specific platform and goes beyond simple price stability.
​

The founding partners of GDN, announced at launch in November 2024, include Robinhood, Kraken, Galaxy Digital, Anchorage Digital, Bullish, Nuvei, and Paxos. The network has since expanded past 130 partners, adding Mastercard, DBS Bank, OKX, Gemini, KuCoin, Worldpay, Bitpanda, Archax, Wirex, and the interoperability provider Mesh, among others.
​

USDG was designed for regulatory compliance across multiple jurisdictions, with separate issuing entities for different regions. Paxos Digital Singapore (PDS), a Major Payments Institution supervised by the Monetary Authority of Singapore, issues USDG under the MAS stablecoin framework, which sets requirements for reserve composition, segregation, and redemption rights.
​

In July 2025, USDG expanded to the European Union, issued by Paxos Issuance Europe (PIE) and supervised by the Finnish Financial Supervisory Authority (FIN-FSA) under the Markets in Crypto-Assets (MiCA) regulation. Paxos states this made USDG available to over 450 million consumers across 30 EU countries, with reserves for the EU token held at European banking partners.
​

Paxos itself holds authorizations to issue stablecoins in the US, UAE, Singapore, and the EU. The company reports having minted more than $160 billion in stablecoins since 2018. USDG reserves are held in bankruptcy-remote accounts, which Paxos describes as legally separated from its own operating funds so that they remain ring-fenced in the event of issuer insolvency.
​

Paxos publishes monthly transparency reports for USDG detailing the composition and value of reserve assets. These reports are available on the Paxos and Global Dollar websites and provide third-party attestation of the 1:1 backing.
​

Both USDG and USDC are USD-pegged, reserve-backed stablecoins issued by regulated entities with similar reserve profiles. The meaningful differences are in their economic models, regulatory jurisdictions, and distribution strategies, not their backing.

The revenue-sharing model is the clearest differentiator, and it is the part most price pages miss. USDC generates significant annual revenue from reserve interest, and Circle keeps the majority of it. USDG distributes that reserve income to the platforms that hold and circulate the token. For an exchange or wallet, that creates a direct financial reason to support USDG: the balances their users already hold can generate returns for the platform.
​

USDC has the advantage of scale, far broader chain support, and deeper DeFi liquidity. USDG's pitch is economic alignment. If you run a platform that custodies stablecoin balances on behalf of users, USDG is designed to pay you for that activity, where USDC does not.
​

For a broader look at how regulated stablecoins compare, see our guides on PYUSD and RLUSD.
​

USDG is issued by Paxos, through Paxos Digital Singapore for the MAS-regulated token and Paxos Issuance Europe for the MiCA-regulated EU token. Both are part of the Paxos group, one of the more established regulated stablecoin issuers in the market. Paxos also issues PYUSD for PayPal and previously issued BUSD for Binance before that partnership wound down in 2023.
​

Paxos holds licenses and authorizations in the US (New York Department of Financial Services), Singapore (MAS), the UAE (Financial Services Regulatory Authority), and the EU (MiCA via FIN-FSA). This multi-jurisdictional footprint is uncommon among stablecoin issuers and gives USDG a compliance foundation that many competitors lack.
​

For more on Paxos' regulatory history and product lineup, see our complete guide to Paxos.
​

USDG is available on major exchanges including Kraken, OKX, KuCoin, Gemini, and Bullish, and through Robinhood's crypto trading platform. Users can also mint USDG directly through Paxos with USD deposits, though direct minting is typically limited to institutional and enterprise clients.
​

Beyond trading, USDG is used for payments settlement across Mastercard's network, treasury operations by corporate clients, DeFi lending and liquidity provision on Ethereum and Solana, and cross-chain transfers through the USDG0 omnichain standard.
​

For users looking to swap between USDG and other stablecoins, several stablecoin swap platforms support USDG trading pairs.
​

USDG launched as an ERC-20 token on Ethereum, where it benefits from the largest DeFi ecosystem and deepest stablecoin liquidity. Ethereum remains a primary chain for USDG in terms of value locked and trading volume.
​

For a comparison of USDG against other dollar-pegged tokens on Ethereum, see our guide to the top stablecoins on Ethereum.
​

Expansion to Solana, Ink, and X Layer gives USDG access to faster, lower-cost transaction environments. The USDG0 integration with LayerZero's Omnichain Fungible Token standard lets USDG move across supported chains while the equivalent native USDG stays locked in audited contracts, reducing reliance on traditional bridge protocols. The inaugural USDG0 cohort included Hyperliquid, Plume, and Aptos.
​

USDG is a relatively new stablecoin. Despite institutional backing, it has a shorter track record than USDC or USDT, and its liquidity, while growing, remains smaller than established stablecoins, particularly in DeFi protocols and on smaller venues.
​

The revenue-sharing model depends on interest rates. If US Treasury yields decline, the returns that make USDG attractive to partners shrink, which could reduce the incentive for exchanges and wallets to prioritize it over alternatives.
​

Regulatory conditions also continue to evolve. USDG's MAS and MiCA compliance is a current strength, but stablecoin rules are changing across jurisdictions, and shifts in reserve requirements, licensing, or yield-distribution rules could affect how the model operates.
​

Multichain expansion introduces smart contract and infrastructure considerations. Each chain deployment relies on its own audited contracts, and cross-chain transfers via USDG0 depend on LayerZero's messaging infrastructure. Holders should evaluate which chain and venue fit their needs.
​

USDG (Global Dollar) is a US dollar-pegged stablecoin issued by Paxos. It maintains 1:1 backing with cash and short-term US Treasury equivalents and is regulated under Singapore's MAS framework, with a separate EU issuance under MiCA. Its defining feature is a revenue-sharing model that distributes reserve income to the platforms that integrate and circulate the token.
​

Paxos holds USDG reserves in cash deposits and short-term US Treasuries, which generate income. Through the Global Dollar Network, partners can receive up to 100% of the returns on USDG-backed assets held on their platform, plus revenue for minting and acceptance activity. Partners include exchanges, wallets, fintech apps, and payment processors, and some pass a portion of that revenue to end users through earn programs or interest-bearing accounts.
​

Paxos states that USDG is backed 1:1 by cash and short-term US government securities held in segregated, bankruptcy-remote accounts, and publishes monthly transparency reports detailing the reserves. USDG is issued under the MAS framework in Singapore and under MiCA in the EU. As with any stablecoin, holders should review the latest reserve attestations and consider the token's risks themselves.
​

Both are regulated, USD-backed stablecoins with similar reserves. The primary difference is the reserve-income model. USDG shares reserve returns with its distribution partners, while Circle retains the majority of USDC's reserve income. USDC is far larger (~$77 billion supply versus ~$2.75 billion for USDG) and available on more chains, while USDG offers stronger economic incentives for the platforms that integrate it.
​

USDG is available on Kraken, OKX, KuCoin, Gemini, Bullish, and Robinhood. Institutional clients can mint USDG directly through Paxos. The token is issued natively on Ethereum, Solana, Ink, and X Layer, with cross-chain transfers supported via the USDG0 standard powered by LayerZero.
​

USDG itself does not pay interest directly to holders. The returns from reserves are distributed to Global Dollar Network partners such as exchanges, wallets, and fintech platforms, and some of those partners pass yield through to users via earn programs or savings features. Whether you earn anything on USDG depends on the platform where you hold it.
​

USDG is natively available on Ethereum, Solana, Ink, and X Layer. The USDG0 integration with LayerZero enables transfers across additional supported chains, with an inaugural cohort that included Hyperliquid, Plume, and Aptos.
​

USDG takes a different approach to stablecoin economics. Where USDC and USDT concentrate reserve income with the issuer, USDG distributes it across the platforms that drive adoption. The result is a stablecoin where exchanges, wallets, and payment processors have a direct financial reason to integrate and circulate it.
​

Backed by Paxos' regulatory credentials and a roster of more than 130 partners, USDG reached roughly $2.75 billion in supply within its first 18 months. The EU launch under MiCA, the rollout of USDG0 for cross-chain transfers, and Mastercard's network integration point to a network being built for scale.
​

For users, the practical question is whether the platforms you already use support USDG and pass returns through to your account. For platforms and developers, the question is whether the revenue-sharing model offers enough upside to justify integration alongside established stablecoins.
​

To learn more about the stablecoin landscape, explore our guides on what stablecoins are, the benefits of stablecoins, and the top stablecoins on Ethereum.
​