What is Global Dollar (USDG)?

USDG, short for Global Dollar, is a US dollar stablecoin issued by Paxos. Each token is meant to be worth one dollar, and Paxos says USDG is fully backed and can be redeemed one-for-one for US dollars. It launched in November 2024 together with the Global Dollar Network, a group of companies that share in the economics of the coin.

Who issues USDG?

Two Paxos companies issue USDG. Paxos Digital Singapore, a Major Payments Institution, issues it from Singapore. Paxos Issuance Europe OY, based in Finland, issues it for the European Union, where USDG went live for consumers on July 1, 2025.

Paxos also issues other stablecoins, including PayPal USD (PYUSD), but those come from a different Paxos entity. As of October 2026, the USDG pages name only the Singapore and EU issuers.

Is USDG regulated?

Yes, in the places where it is issued. The Singapore issuer is supervised by the Monetary Authority of Singapore (MAS), and Paxos says its issuance has been substantially in line with the MAS stablecoin framework since launch. The EU issuer is supervised by FIN-FSA, Finland's financial supervisor, and Paxos says USDG complies with MiCA, the EU's crypto rulebook. Under MiCA, part of the reserves must be held with European banks.

Paxos says reserves are held 1:1 and that it publishes monthly reserve reports. Listed banking partners include DBS and Standard Chartered.

How does the Global Dollar Network work?

The Global Dollar Network (GDN) was founded by Paxos with Anchorage Digital, Bullish, Galaxy Digital, Kraken, Nuvei and Robinhood. Partners can earn rewards for minting, holding or accepting USDG. In December 2025 the network said more than 90% of earnings on stablecoin holdings had gone to partners. By July 2026 it reported more than 150 partners.

Those rewards go to the partner companies, not automatically to every holder. Whether a person sees any of it depends on the app or exchange they use.

As of October 2026, USDG is issued on Ethereum, Solana, Arbitrum, Ink, Mantle, Robinhood Chain and X Layer.

What is the difference between USDC and USDG?

Both are dollar stablecoins backed by reserves and redeemable 1:1. The differences are in who stands behind them and how the reserve income is shared.

• Issuer. USDC is issued by Circle. USDG is issued by Paxos.
• Reserve income. Circle describes USDC as backed by cash and cash equivalents, with monthly attestations. USDG's model returns most of its earnings to network partners.
• Reach. USDC runs on many blockchains. USDG is on a smaller, growing set of chains.

For a wider comparison of the biggest dollar coins, see USDT vs USDC.