Global Dollar Network (GDN) announced that it has grown to over 100 partners and its USD-backed stablecoin, Global Dollar (USDG), surpassed a market cap of $1 billion. This supports the aim to form a more open, enterprise-grade digital dollar ecosystem—supporting real-world financial use cases. As explained in the update from earlier this month, partners are now able to earn rewards by minting USDG, holding USDG or taking USDG.
The network has expanded with a focus on growing utility and access to USDG.
Joiners include the following:
- Exchanges & trading specialists (Archax, B2C2, Bilira, Bitnet, Gate, Gemini, JST Digital, Keyrock, Kucoin, LBank, LTP, Merj, Ourbit, PDAX, SwissBorg, Wintermute, Wirex)
- Defi apps (Aleo, Marinade, ONre, Solstice Labs ), infrastructure providers (1Money, Kravata, Tangem, TOPOS, Transak, WalletConnect)
- Payment providers & fintechs (Alpaca, AMINA Bank, Confirmo, DeFi Development Corp, Keabank, Orbi Payments, Reap, Ripe Money, Toku, Yellowcard)
These firms join Anchorage Digital, Bullish, Galaxy Digital, Kraken, Nuvei, OKX, Paxos, Robinhood, Worldpay and others enabling USDG usage.
Network partners are using USDG to power a range of use cases:
- Earn Programs: AMINA Bank, Gate, Kraken, Luno and OKX each introduced USDG rewards programs on their platforms. When buying, converting or depositing USDG in their wallets, users earn rewards on their USDG holdings.
- Trading Capabilities: Partners like OKX have added USDG as collateral for margin and perps trading.
- Corporate Treasury: Bullish, Kraken, OKX, Aleo, Galaxy, Confirmo, Gate and Fuze are putting their funds to work by holding their dollars in USDG.
- Settlement via USDG: Alpaca and Kraken leverage USDG as a settlement currency for tokenized equities trading on their platforms.
- Utility in DeFi Markets: USDG has expanded reach in defi across a variety of use cases including as a trusted asset on venues such as Kamino, JupLend and Loopscale.
- Payments: Kraken uses USDG in its payments flows as Krak app users can instantly send and receive funds across 160+ countries.
This real-world adoption of USDG has been amplified by liquidity across order books driven by market makers Keyrock, B2C2 and JST Digital.
OKX has also introduced a unified USD order book including USDG that allows its users to tap into “one dollar market that facilitates liquidity, tighter spreads and efficient execution.”
USDG powers Global Dollar Network and is live on Solana, Ink, X Layer and Ethereum.
USDG is issued by Paxos Digital Singapore, which is a Major Payments Institution “supervised by the Monetary Authority of Singapore.”
USDG is also issued by Paxos Issuance Europe under “the supervision of FIN FSA and in compliance with MiCA. ”
Paxos issues USDG in the EU via Paxos Issuance Europe OY (PIE).
As reported, Paxos has recently received approval to convert its New York Department of Financial Services (NYDFS) limited purpose trust charter to a national trust charter overseen by the U.S. Office of the Comptroller of the Currency (OCC).
Upon conversion, all of Paxos Trust Company’s US-based activity “will be subject to OCC supervision.”
Paxos’ federally regulated platform will let businesses issue, custody, trade and settle digital assets.
Paxos is able to support firms at “any stage in their digital asset journey with contiguous service and compliance across all 50 states.”
This singular supervision means customers can launch digital asset products and stablecoin use cases that are “aligned with US regulations.”
With its OCC trust charter, Paxos will offer enterprises “a path to building digital asset products.”
- Unified Platform: Enterprises can manage stablecoin issuance, brokerage and settlement through a single platform.
- Compliance: OCC supervision provides regulatory clarity.
- Efficient: By partnering with Paxos, companies can leverage infrastructure that reduces operational risk and accelerates product development.
Federal oversight supports Paxos’ role in enabling stablecoin adoption.
Paxos’ US-issued stablecoins—including PYUSD— will be issued under federal regulatory oversight and will aim to “align with the provisions in the federal GENIUS regulations.”
PYUSD is the US dollar-backed stablecoin issued by “a federally regulated entity and PAXG will be the gold-backed digital asset issued under federal regulatory oversight.”
As GENIUS is implemented, customers can expect “full continuity of service and a consistent experience across Paxos-issued stablecoins.”
As covered, Paxos is the blockchain infrastructure and tokenization platform.
Currently, trillions of dollars are said to be “locked in inefficient, outdated financial plumbing that is inaccessible.” Paxos is focused on trying to re-platform the financial system “to enable assets to instantaneously move anywhere in the world.”