Global Dollar Network

Global Dollar Network (GDN) is an open alliance of enterprises built around USDG, a regulated US dollar stablecoin issued by Paxos. The network launched in late 2024 with a core premise that the stablecoin industry's economic model is broken: the platforms that drive adoption — exchanges, wallets, payment apps, custodians — historically captured little or none of the revenue generated by the assets backing stablecoins. GDN restructures that relationship by sharing yield directly with the companies that mint, hold, and accept USDG.

The Problem With Existing Stablecoins

The two dominant dollar stablecoins, USDT and USDC, generate billions in annual revenue from the Treasury bills and other short-term instruments that back their tokens. By design, issuers retain nearly all of that yield. Partner platforms, which bear the costs of integration, compliance, and customer service, receive essentially none of it despite being the primary channel through which stablecoins reach users. GDN was created to invert this model.

How the Network Works

Paxos issues USDG and holds the backing reserves, which consist of cash deposits at regulated financial institutions and short-term US government securities. The reserves are held in segregated accounts, and Paxos publishes monthly reserve composition reports and independent third-party attestation.

Rather than retaining the yield on those reserves, Paxos distributes up to 100% of returns to network members based on their contributions. Partners earn through three channels:

• Hold: Platforms that hold USDG balances on behalf of users receive a share of reserve yield, functioning similarly to a high-yield savings account for their treasury or user funds.
• Mint: Partners earn recurring revenue tied to growth in USDG circulation — effectively a distribution fee for expanding the stablecoin's reach.
• Accept: Platforms that facilitate USDG payments and inbound deposits receive incentives for driving transactional volume.

More than 90% of stablecoin reserve earnings have been distributed to network participants since launch, according to the project's December 2025 milestone announcement.

USDG: The Stablecoin

USDG maintains a strict 1:1 peg with the US dollar and is fully redeemable from Paxos at that ratio. The stablecoin is issued under two regulatory umbrellas:

• Paxos Digital Singapore, supervised by the Monetary Authority of Singapore (MAS) as a Major Payments Institution, covering global markets outside the EU.
• Paxos Issuance Europe, supervised by Finland's Financial Supervisory Authority (FIN-FSA) under the EU's Markets in Crypto-Assets (MiCA) regulation, making USDG available to over 450 million EU consumers across 30 countries.

Paxos also holds a US national trust bank charter through Paxos Trust Company, N.A., providing institutional-grade regulatory backing across multiple jurisdictions.

USDG supports a range of use cases: cross-border payments, corporate treasury management, stablecoin trading pairs, DeFi collateral and lending, earn programs for retail users, and payroll and remittances.

Solana Integration

USDG launched natively on Ethereum before expanding to Solana on February 25, 2025 — its first multichain deployment. The Solana version enables sub-$0.001 transaction fees and two-second settlement finality, making USDG practical for remittances, high-frequency payments, and retail applications that would be cost-prohibitive on Ethereum.

At launch, Solana-native USDG became available through Anchorage Digital and Kraken, with additional integration partners including Alfred Pay, Caliza, Noah, Rain, and Sling Money. Solana Foundation President Lily Liu noted at the time that the deployment "expands accessibility and utility of USDG by enabling it in the Solana ecosystem's thriving asset economy."

The network has since expanded to Ink (Kraken's L2), X Layer (OKX's chain), and Ethereum, with the Solana deployment remaining one of GDN's core distribution chains given the ecosystem's concentration of DeFi, payment, and consumer wallet activity.

Network Scale and Partners

From 25 partners at launch to over 130 by mid-2026, the GDN partner roster spans exchanges, custodians, fintech platforms, and DeFi protocols. Founding and notable members include:

• Exchanges and brokers: Kraken, Robinhood, OKX, Gemini, KuCoin, BitMart, Gate
• Institutional infrastructure: Anchorage Digital, Galaxy Digital, Wintermute, Zodia Custody
• Payments: Worldpay, Mastercard, FOMO Pay, Sling Money, Meow
• DeFi: Aave Labs (integrated USDG as a native asset on Aave V4 in March 2026), Marinade
• Regional platforms: BiLira (Turkey), Paribu, CoinMENA, Orbi (Mexico)

The network crossed $1 billion in market capitalization in December 2025, and USDG supply reached approximately $2.75 billion by mid-2026. Monthly active users grew tenfold in the quarter prior to the $1 billion milestone.

Smart Contract Security

USDG's smart contracts were audited by two independent security firms before mainnet launch, both in November 2024:

• Zellic: Found one critical issue and two informational findings, all remediated before deployment.
• Trail of Bits: Found zero critical issues, four low findings, and seven informational findings, all remediated.

A subsequent audit by Halborn in July 2025 found zero critical or high-severity issues. Contract code is open-source and published on GitHub under the paxosglobal/usdg-contract repository.

Team and Backing

Global Dollar Network was co-founded by Paxos alongside anchor institutions including Robinhood, Kraken, and Anchorage Digital, who participated as launch partners. Walter Hessert, Paxos's head of strategy, has served as a primary spokesperson, framing GDN as the natural consequence of Paxos's earlier work with Lift Dollar (USDL), a yield-bearing stablecoin that demonstrated enterprise appetite for return-sharing models.

Paxos, the issuing entity, has operated regulated blockchain infrastructure since 2012 and also issues PayPal USD (PYUSD), Pax Dollar (USDP), and PAX Gold (PAXG). That regulatory track record — spanning US, UAE, Singapore, and EU licensing — underpins USDG's compliance positioning in markets where enterprise buyers require auditable counterparty relationships.

Why Solana

Solana's combination of high throughput, sub-cent transaction costs, and mature DeFi and consumer wallet ecosystem makes it one of the more strategically important chains for a stablecoin targeting mainstream adoption. GDN's 130+ partners include several Solana-native platforms, and integrations with Marinade, Alpaca Markets (which built USDG access specifically for Solana customers), and other ecosystem players suggest the chain is central rather than peripheral to the network's expansion plans.

The network's design — open membership, transparent economics, multi-chain deployment — positions USDG as infrastructure rather than a product. For Solana, that means a regulated, yield-sharing stablecoin with deep institutional distribution and growing DeFi liquidity, backed by a regulated issuer with decade-long operational history.