Global Dollar Network

What Global Dollar Network does

Global Dollar Network is an open enterprise network, launched in November 2024, that promotes adoption of USDG (Global Dollar), a 1:1 US dollar-backed stablecoin issued by Paxos Digital Singapore under Monetary Authority of Singapore supervision and by Paxos Issuance Europe under Finland's FIN-FSA in compliance with MiCA. The network's core economic mechanism shares up to 100% of returns generated by USDG reserve assets back to partners based on holding, minting, and acceptance activity, inverting the conventional issuer-keep-revenue model and aligning incentives across the ecosystem. As of December 2025, the network encompassed 100+ partners spanning cryptocurrency exchanges (OKX, Kraken, Bullish, Robinhood, Gate, KuCoin, BitMart), payment providers (Worldpay, Nuvei, Modern Treasury), DeFi protocols (Aave V4, Marinade, Kamino, Jupiter), custodians (Anchorage Digital, Zodia, Rakkar), and card networks (Mastercard).

The underlying platform deploys USDG across multiple blockchains including Solana, Ethereum, Ink, and X Layer, with USDG0 providing cross-chain bridging via LayerZero interoperability. Developer-facing infrastructure includes comprehensive documentation at docs.paxos.com, a permissionless testnet faucet, and an open-source GitHub repository. USDG is fully backed by US dollar deposits, short-duration US government securities, and cash equivalents, with Paxos publishing monthly reserve reports. The network's go-to-market is exclusively partnership-driven, targeting exchanges, fintechs, payment providers, custodians, DeFi protocols, and card networks through direct enterprise onboarding rather than end-user marketing.

USDG crossed $1 billion in market capitalization in December 2025 after growing more than 300% since January 2025, with active monthly users increasing 10x in the preceding quarter. Customer segments are diversified horizontally across exchange trading, payments, payroll, DeFi liquidity, custody, and consumer applications, with reach extending to 120M+ customers through OKX alone and operations spanning Singapore, the US, the EU (450 million consumers across 30 countries), Mexico, Turkey, the Philippines, and the UAE. Global Dollar Network is operated by Paxos as an open network initiative rather than a separately incorporated entity, with a network advisory committee providing partner governance input.

Name

Global Dollar Network

Legal name

Paxos Digital Singapore Pte. Ltd.

Website

https://globaldollar.com

Company type

Private

Founded year

2024

Operating status

Operating

Headcount range

251–500 employees

Short description

Global Dollar Network is an open partner network that promotes adoption of USDG, a 1:1 US dollar-backed stablecoin issued by Paxos, by sharing up to 100% of reserve-asset returns with 100+ enterprise partners across exchanges, payments, DeFi, and custody.

Ownership category

akta.pro rank

Product category

Stablecoin Network

NAICS

Securities and Commodity Contracts Intermediation and Brokerage (5231)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro primary industry

Stablecoin Issuers (Fiat-Backed) (FSADADAA)

akta.pro secondary industries

Stablecoins & On-Chain Money (fiat-backed, crypto-backed, algorithmic; issuance/redemption) (FSAPAEAB), On-Chain Payments & Stablecoin Infrastructure (Issuance, Rails, Treasury) (FSAGAMAD), Mint/Redeem, Issuance APIs & Treasury Operations Platforms (FSADADAE), Stablecoin Payment Rails & Settlement Networks (Issuer-Led) (FSADADAF)

Keywords

• Stablecoin network
• Digital dollar payments
• Stablecoin issuance platform
• Partner revenue sharing
• Cross-border settlement

Headquarters

HQ city

Singapore

HQ country

Singapore

HQ region

Asia

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Operations, Personnel, Marketing or Sales, Infrastructure

Revenue model

1. Network Participation Rewards: Partners earn rewards based on their activity in driving USDG adoption including: (1) Hold - rewards on USDG balances similar to high interest savings; (2) Mint - recurring revenue from increasing total USDG in circulation; (3) Accept - incentives for inbound USDG deposits and payments. Partners can receive up to 100% of returns generated by assets backing USDG held on their platform.
2. USDG Issuance: Revenue from new USDG minting activity. Partners earn recurring revenue for increasing the total USDG in circulation through their platforms.

Pricing tiers

Go-to-market motion3 records

Distribution channels6 records

Marketing channels5 records

Core offering

Global Dollar Network is an open partner network that drives adoption of USDG, a US dollar-backed stablecoin issued by Paxos. The network distributes USDG through 100+ enterprise partners across exchanges, payment providers, fintechs, DeFi protocols, and custodians, and passes up to 100% of the returns generated by USDG reserve assets back to partners that hold, mint, or accept the stablecoin on their platforms.

Product overview

Global Dollar Network is a platform powered by USDG (Global Dollar), a 1:1 US dollar-backed stablecoin issued by Paxos. The ecosystem consists of the Global Dollar Network (an open partner network for monetizing stablecoin activity), USDG (the core stablecoin product), USDG0 (a cross-chain bridged solution via LayerZero), and developer tools (documentation and testnet faucet). Network partners can earn revenue through holding, minting, and accepting USDG. USDG is deployed on Solana, Ethereum, Ink, and X Layer blockchains.

Differentiator

Problem solved

Functional benefit

Brands

• USDG: Global Dollar (USDG) is a single-currency stablecoin pegged to the US dollar, fully backed 1:1 and issued by Paxos Digital Singapore and Paxos Issuance Europe.

Products and services

• USDG (Global Dollar) USDG is a single-currency stablecoin pegged 1:1 to the US dollar, fully backed by US dollar deposits, short-duration US Government securities, and cash equivalents. Issued by Paxos Digital Singapore under MAS supervision and Paxos Issuance Europe under FIN-FSA/MiCA. Used by enterprises and consumers for trading, payments, treasury, and DeFi.
• Global Dollar Network An open partner network that enables enterprises to earn up to 100% of returns generated by assets backing USDG held on their platform, plus additional revenue from minting and acceptance activity. Includes a partner directory, ecosystem support, and liquidity from 100+ enterprise members.
• USDG0 USDG0 is a cross-chain bridged version of USDG built by Paxos Labs and LayerZero, extending USDG's reach to additional blockchain networks and enabling cross-chain liquidity and interoperability.

Quantifiable outcome

• Partners can earn up to 100% of returns generated by USDG backing assets
• +3 more outcomes

Named customers11 records

Segments5 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration6 records

Feature5 records

Partnerships

31 partnerships are on record, tiered standard partner, core partner and founding partner.

• Orbistandard partnerStrategic or Co-development Partner · 17 June 2026Orbi is Mexican fintech bringing digital dollars to Mexico. Products include peso-to-USDG on-ramp, OrbiCard Mastercard, and Orbi Boost rewards. Users allocated over $1M into USDG-based rewards.
• Marinadestandard partnerStrategic or Co-development Partner · 10 February 2026Marinade Finance launched 'Stake SOL, earn USDG' product where staking rewards automatically convert to USDG. Product achieved 249,000+ SOL TVL. Marinade is one of Solana's largest liquid staking protocols with $2B+ TVL.
• Meowstandard partnerStrategic or Co-development Partner · 9 February 2026Meow, one of largest US business banking fintechs with $1B+ annualized stablecoin volume, added USDG to platform. Customers can send/receive USDG with zero fees and instant settlement.
• Bitpandacore partnerStrategic or Co-development Partner · 5 February 2026Bitpanda joined in February 2026 to launch USDG trading markets, deposits, and withdrawals. Makes MiCA-compliant USDG available to Bitpanda's 7M+ European users. Bitpanda is a leading European broker with 650+ crypto assets.
• Bitpandacore partnerChannel Partner/ Reseller/ Distributor · 5 February 2026Bitpanda provides USDG trading, deposits, and withdrawals to European users through its regulated platform under MiCA compliance.
• Tokustandard partnerStrategic or Co-development Partner · 22 January 2026Toku uses USDG for global payroll infrastructure. Employees receive stablecoin salaries directly to wallets with compliance across 100+ countries. Toku integrates with HR systems like Gusto and ADP.
• Modern Treasurystandard partnerTechnology or Integration · 19 December 2025Modern Treasury partnered with Paxos to integrate stablecoin and settlement technology into its platform. Enables businesses to facilitate stablecoin payments with real-time settlement and compliance within unified payment infrastructure.
• Alpacastandard partnerStrategic or Co-development Partner · 29 October 2025Alpaca joined enabling clients to access USDG on Solana for deposits and withdrawals outside of Ethereum. Uses USDG as preferred settlement currency for tokenized equities trading on platform.
• OKXcore partnerStrategic or Co-development Partner · 14 July 2025OKX joined as core partner bringing 60 million global customers. Integrated USDG across earn programs, zero-fee conversion, unified order book, and OKX Card in Europe. OKX supports MiCA-compliant USDG for EU customers. Hundreds of millions in USDG held on platform.
• Aavecore partnerStrategic or Co-development Partner · 30 May 2025Aave V4 integrated USDG as native asset on its modular hub-and-spoke DeFi architecture. Aave committed that rewards from USDG activity will be invested back into ecosystem growth rather than siphoned as protocol revenue.
• Gatestandard partnerChannel Partner/ Reseller/ Distributor · 12 May 2025Gate is a global cryptocurrency exchange offering spot, futures, wealth-products, NFTs, and Web3 services across 3,500+ digital assets.
• KuCoinstandard partnerChannel Partner/ Reseller/ Distributor · 12 May 2025KuCoin is a global cryptocurrency exchange platform allowing users to trade, buy, sell spot and derivatives, with P2P and OTC services.
• Lunostandard partnerChannel Partner/ Reseller/ Distributor · 12 May 2025Luno is a global crypto exchange serving 15M+ customers across 40+ countries with spot trading, OTC desk, staking, and wallet services.
• Mastercardstandard partnerStrategic or Co-development Partner · 12 May 2025Mastercard partners with GDN to enable stablecoin-powered Visa cards across multiple blockchains for seamless payments at 150M+ merchants globally.
• LayerZerostandard partnerTechnology or Integration · 12 May 2025LayerZero provides interoperability standard powering over 70% of global stablecoin supply. Trusted by PayPal USD, Ethena, and others for cross-chain compatibility.
• Wintermutestandard partnerTechnology or Integration · 12 May 2025Wintermute is a global algorithmic trading firm with $10B+ average daily trading volume providing liquidity across 60+ exchanges.
• Zodia Custodystandard partnerTechnology or Integration · 12 May 2025Zodia Custody is an institutional-grade digital asset custodian backed by Standard Chartered and Northern Trust.
• BiLirastandard partnerChannel Partner/ Reseller/ Distributor · 12 May 2025BiLira is Turkish fintech offering TRY-pegged stablecoin, high-liquidity crypto exchange, and Lira on/off-ramp services.
• Aleostandard partnerTechnology or Integration · 12 May 2025Aleo is a Layer-1 privacy-first blockchain using zero-knowledge cryptography for private smart contracts.
• Ethenastandard partnerTechnology or Integration · 12 May 2025Ethena is a synthetic dollar protocol providing USDe and sUSDe dollar savings asset built on Ethereum.
• August Digitalstandard partnerTechnology or Integration · 12 May 2025August Digital is an institutional-grade Web3 platform providing unified cross-collateralized margin accounts for on-chain trading and DeFi.
• Kaminostandard partnerTechnology or Integration · 12 May 2025Kamino is a Solana-based DeFi protocol offering lending, borrowing, and concentrated liquidity products.
• Pendlestandard partnerTechnology or Integration · 12 May 2025Pendle is the world's largest crypto yield trading platform enabling yield separation and trading.
• Worldpaycore partnerStrategic or Co-development Partner · 23 April 2025Worldpay joined with $2.2 trillion in yearly transaction volume across 146 countries. Merchants can settle with USDG on Solana for faster, cost-efficient transactions. Worldpay bridges traditional finance and blockchain services.
• Anchorage Digitalfounding partnerStrategic or Co-development Partner · 1 November 2024Anchorage Digital is a founding partner of Global Dollar Network. As a federally chartered digital asset platform for institutions, Anchorage provides custody, trading, staking, settlement and compliance services. Nathan McCauley, Co-Founder and CEO of Anchorage Digital, serves as network advisory committee member.
• Bullishfounding partnerStrategic or Co-development Partner · 1 November 2024Bullish is a founding partner and regulated institutional-grade cryptocurrency exchange offering spot, derivatives, and custody services. Bullish uses USDG for corporate treasury and received IPO proceeds in stablecoins.
• Galaxy Digitalfounding partnerStrategic or Co-development Partner · 1 November 2024Galaxy Digital is a founding partner and digital asset-focused financial services firm offering trading, asset management, investment banking and mining solutions. Serves as liquidity provider in the network.
• Krakenfounding partnerStrategic or Co-development Partner · 1 November 2024Kraken is a founding partner and one of world's longest-standing crypto platforms, trusted by 13+ million traders. Offers USDG earn programs up to 5% annually, Kraken+ premium service, and Krak global payments app.
• Nuveifounding partnerStrategic or Co-development Partner · 1 November 2024Nuvei is a founding partner and enterprise-ready payments technology platform enabling global merchants to accept diverse payment methods. Processes payments through stablecoin infrastructure.
• Paxosfounding partnerStrategic or Co-development Partner · 1 November 2024Paxos is the founding partner and issuer of USDG. Paxos Digital Singapore issues USDG supervised by MAS; Paxos Issuance Europe issues USDG under FIN-FSA and MiCA compliance. Paxos has $180B+ in tokenization activity since 2018.
• Robinhoodfounding partnerStrategic or Co-development Partner · 1 November 2024Robinhood is a founding partner offering commission-free investing in stocks, ETFs, options, and crypto with cash management. Provides USDG access to Robinhood's retail user base.

Scale indicators15 records

Recent moves16 records

Expansion highlights5 records

Direct peers

• PayPal / Paxos (PYUSD): PYUSD is issued by Paxos Trust Company under OCC oversight and distributed via PayPal, Venmo, and partners. Shares the same underlying issuer family (Paxos) as USDG while competing for the same regulated stablecoin use cases.
• Ripple (RLUSD): Issuer of RLUSD, an enterprise-focused USD stablecoin pursuing institutional distribution and payment-rail integrations. Competes with USDG for the same regulated, payment-oriented stablecoin segment.
• Circle (USDC): Issuer of USDC, the leading regulated US dollar stablecoin. Competes head-on with USDG on regulated distribution, exchange listings (Coinbase-centric), DeFi integrations, and enterprise payments rails.
• First Digital Labs (FDUSD): Issuer of FDUSD, a fiat-backed USD stablecoin that has scaled rapidly via exchange listings (notably Binance). Competes with USDG for exchange-driven adoption and DeFi liquidity.
• Tether (USDT): Issuer of USDT, the largest fiat-backed stablecoin globally. Directly competes with USDG in trading pairs, exchange listings, DeFi integrations, and cross-border payments, and benefits from incumbent network effects that USDG must overcome.

Broad incumbents

• Paxos: Paxos is the underlying issuer of USDG and a broader regulated stablecoin and tokenization infrastructure provider ($180B+ in tokenization activity). Functions as parent/issuer to GDN while also competing with it as an issuer of PYUSD (for PayPal) and USDP.

Emerging players

• World Liberty Financial (USD1): Issuer of USD1, a politically affiliated USD stablecoin that posted the strongest weekly inflow gains among major stablecoins (~$281M as of May 2026). Competes with USDG for institutional treasury and DeFi-native reserves.
• Ethena (USDe): Ethena issues USDe, a synthetic dollar protocol offering yield via delta-neutral hedging. Competes with USDG for DeFi-native yield demand and is increasingly integrated across the same Solana and Ethereum venues as USDG.
• Ondo Finance (USDY): Issuer of USDY and other tokenized yield products backed by US Treasuries. Competes with USDG for the institutional/DeFi 'yield-bearing dollar' segment and channels reserve returns to token holders.
• MakerDAO / Sky (DAI / sDAI): Issuer of DAI and sDAI, a crypto-backed/savings-rate stablecoin ecosystem. Competes with USDG for DeFi liquidity, savings demand, and cross-chain adoption, particularly on Ethereum and Layer 2s.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/global_dollar
• LinkedInlinkedin.com/company/globaldollar

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Global Dollar Network