Global Dollar Network

Global Dollar Network (GDN) is an open stablecoin ecosystem built around USDG, a regulated US dollar-backed stablecoin issued by Paxos. Launched in late 2024, the network's central proposition is straightforward: instead of stablecoin issuers capturing the majority of reserve income, GDN redistributes that revenue to the enterprises, exchanges, wallets, and payment platforms that bring USDG into circulation and drive its adoption.

The USDG Token

USDG is a single-currency stablecoin pegged 1:1 to the US dollar. It is issued by Paxos Digital Singapore Pte. Ltd. (PDS), a Major Payments Institution supervised by Singapore's Monetary Authority of Singapore (MAS) under the MAS stablecoin framework. The token is also issued in Europe by Paxos Issuance Europe, regulated by Finland's Financial Supervisory Authority (FIN-FSA) under the EU's Markets in Crypto-Assets (MiCA) regulation, giving USDG compliant issuance across two major jurisdictions.

Reserves backing USDG are held in segregated accounts, separated from the issuer's operational funds to protect token holders. Paxos publishes monthly reserve composition reports along with independent third-party attestations confirming the 1:1 backing. Token holders can redeem USDG directly from Paxos at par value for US dollars.

How the Network Works

The Global Dollar Network is structured around three participation modes that each carry separate reward streams:

Hold -- Partners earn a share of the yield generated by the reserve assets backing USDG held on their platforms. Partners can receive up to 100% of those returns, compared to the near-zero distribution typical of incumbent stablecoins like USDT or USDC, where the issuer retains essentially all reserve income.

Mint -- Partners that facilitate new USDG issuance earn recurring revenue proportional to their contribution to circulating supply growth. This creates a direct economic incentive to grow USDG adoption rather than treating it as a commodity.

Accept -- Partners that enable inbound USDG payments or deposits receive acceptance rewards, encouraging merchant and payments infrastructure integration.

This framework aligns the interests of network participants: the more USDG circulates and the more use cases are built around it, the more every partner earns.

Solana Integration

USDG launched on the Solana blockchain on February 25, 2025, marking its first multi-chain expansion beyond Ethereum. Solana's combination of high transaction throughput, low per-transaction costs, and 24/7 finality makes it a natural fit for the commerce and payments applications the network targets.

The Solana launch was accompanied by five new network partners: alfred, Caliza, Noah, Rain, and Sling Money, each building applications spanning cross-border payments, card payments, remittances, settlement, and treasury management. Institutional access to USDG on Solana is available through Anchorage Digital and Kraken.

Beyond Solana, USDG is issued natively on Ethereum, Ink Blockchain, X Layer, and Robinhood Chain. Cross-chain transfers are supported via the USDG0 standard, powered by LayerZero's interoperability protocol.

Key Partners and Growth

By July 2026, the Global Dollar Network had grown to more than 150 partners, with USDG reaching approximately 3 billion USD in circulating supply and tens of millions of dollars paid out in rewards to participants. Notable partners include Robinhood, Kraken, OKX, Galaxy Digital, Mastercard, and DBS Bank.

Use cases deployed across the network span a range of industries: global payroll via Toku, reinsurance-backed returns through OnRe, local market stablecoin solutions by BiLira in Turkey, payments infrastructure via Confirmo, and everyday commerce in emerging markets through Orbi in Mexico. USDG also became a native lending asset on Aave V4 and the lending asset in Robinhood's Earn product upon the launch of Robinhood Chain in mid-2026.

Issuer Background

Paxos is a regulated blockchain infrastructure firm with a multi-jurisdiction regulatory footprint that includes a US OCC charter (converted in 2025), a MAS license in Singapore, a FSRA license in the UAE, and MiCA authorization in the EU. The company has prior experience issuing regulated stablecoins, having previously issued USDP (Pax Dollar) and the now-discontinued BUSD. The USDG contract is open source at github.com/paxosglobal/usdg-contract.

Ecosystem Fit on Solana

USDG's Solana deployment positions it as a high-compliance, revenue-sharing alternative to established dollar stablecoins. Solana's low-fee environment suits the payments and remittance use cases the Global Dollar Network targets, where transaction costs can determine whether a stablecoin is viable for end users. For Solana-based DeFi protocols and payment applications, USDG offers a path to integrate a regulated, yield-redistributing stablecoin without the overhead of building an independent issuance program.