Deployments · Paxos tokenisation platform · platform by Paxos

Global Dollar (USDG)Updated 7 Nov 2026

A dollar stablecoin issued by Paxos Digital Singapore under MAS supervision and, since July 2025, by Paxos Issuance Europe in Finland as a MiCA e-money token. It is distributed through the Global Dollar Network, founded in November 2024 by Paxos, Robinhood, Kraken, Galaxy Digital, Anchorage Digital, Bullish and Nuvei, which passes most of the reserve income to partners; OKX, Worldpay and Mastercard joined later and the network passed 100 partners in December 2025. DBS holds the reserves. About $3 billion was outstanding in October 2026, nearly half of it on OKX's X Layer.

Live (scaled) since Dec 2025^[2]i — Market cap above $1 billion and 100+ distribution partners by December 2025. · Reviewed 13d ago i

Assets

Stablecoin^[2]

US dollar stablecoin, fully redeemable from Paxos one for one; MiCA e-money token in the EU

Networks

X Layer Public, permissionless^[5]

Robinhood Chain Public, permissionless^[5]

Solana Public, permissionless^[5]

Ethereum Public, permissionless^[5]

Ink Public, permissionless^[5]

Hyperliquid Public, permissionless^[5]

Arbitrum Public, permissionless^[7]

Mantle Public, permissionless^[7]

Use cases i

Primary issuance^[5]Cross-border payments^[2]

Jurisdictions

Singapore, European Union

Participants

• PaxosPlatform provider, Issuer, Operator^[4]United States
• DBSCustodian^[4]Singapore
• RobinhoodDistributor^[4]United States
• KrakenDistributor^[4]United States
• Galaxy DigitalDistributor^[4]United States
• Anchorage DigitalDistributor, Custodian^[4]United States
• BullishDistributor^[4]Cayman Islands
• NuveiDistributor^[4]Canada
• OKXDistributor^[2]Global
• WorldpayDistributor^[3]United States
• MastercardDistributor^[3]United States
• WintermuteDistributor^[2]United Kingdom
• B2C2Distributor^[2]United Kingdom
• GeminiDistributor^[2]United States
• ArchaxDistributor^[2]United Kingdom
• AlpacaDistributor^[2]United States
• KPMGAuditor or reserve attestor^[8]United States
• EnromeAuditor or reserve attestor^[8]Singapore
• More than 100 Global Dollar Network partners in total by December 2025.^[2]

Operates under

• MiCA e-money token issuers notified on ESMA's interim register (selected holders)European Union · Product or firm authorisation^[1]
• Markets in Crypto-Assets Regulation (MiCA), Regulation (EU) 2023/1114European Union · Primary legislation^[3][6]

Likely relevant regulation i

• MAS single-currency stablecoin (SCS) regulatory frameworkSingapore

Assets

• IssuesGlobal Dollar (USDG)^[3]

Moves across networks

• viaLayerZeroEthereum ↔ Solana ↔ Ink ↔ X Layer ↔ Robinhood Chain ↔ Arbitrum ↔ Mantle^[7]Paxos says USDG uses LayerZero's OFT standard for cross-chain transfers; Arbitrum and Mantle also have OFT contracts but are not among this record's networks.

Metrics i

• ~$3.04bnTokens in circulation · as of 11 Oct 2026^[5]
  On-chain via DefiLlama; sum of its per-chain balances.
• ~$1.39bnTokens in circulation · as of 11 Oct 2026 · on X Layer^[5]
  On-chain via DefiLlama.
• ~$694.28mTokens in circulation · as of 11 Oct 2026 · on Robinhood Chain^[5]
  On-chain via DefiLlama.
• ~$629.65mTokens in circulation · as of 11 Oct 2026 · on Solana^[5]
  On-chain via DefiLlama.
• ~$260.66mTokens in circulation · as of 11 Oct 2026 · on Ethereum^[5]
  On-chain via DefiLlama.
• ~$63.7mTokens in circulation · as of 11 Oct 2026 · on Ink^[5]
  On-chain via DefiLlama.
• over $1bnMarket capitalisation · as of Dec 2025^[2]
• ~$2.72bnSupply on chain (daily) · as of 7 Nov 2026^[9]
  Automated daily reading of on-chain supply across all chains.
• ~$1.13bnSupply on chain (daily) · as of 7 Nov 2026 · on X Layer^[9]
  Automated daily reading.
• ~$1.07mSupply on chain (daily) · as of 7 Nov 2026 · on Hyperliquid^[9]
  Automated daily reading.
• ~$328.01mSupply on chain (daily) · as of 7 Nov 2026 · on Ethereum^[9]
  Automated daily reading.
• ~$501,105Supply on chain (daily) · as of 7 Nov 2026 · on Mantle^[9]
  Automated daily reading.
• ~$643.17mSupply on chain (daily) · as of 7 Nov 2026 · on Robinhood Chain^[9]
  Automated daily reading.
• ~$494.58mSupply on chain (daily) · as of 7 Nov 2026 · on Solana^[9]
  Automated daily reading.
• ~$65.05mSupply on chain (daily) · as of 7 Nov 2026 · on Ink^[9]
  Automated daily reading.
• ~$58.6mSupply on chain (daily) · as of 7 Nov 2026 · on Arbitrum^[9]
  Automated daily reading.

Timeline

1. Happened 4 Dec 2025 · Volume milestone · recorded 11 Oct 2026
   Network passes 100 partners and USDG market cap passes $1 billion.^[2]
2. Happened 1 Jul 2025 · Scope expansion · recorded 11 Oct 2026
   USDG launches in the EU through Paxos Issuance Europe under MiCA; Mastercard and Fiserv announced as joining the network.^[3]
3. Happened 4 Nov 2024 · Launch · recorded 11 Oct 2026
   Paxos and six partners launch the Global Dollar Network around USDG, issued from Singapore on Ethereum.^[4]

Sources i