# USDG (Global Dollar)

Updated: September 5, 2026

> USDG (Global Dollar) is a stablecoin issued by Paxos and distributed by the Global Dollar Network consortium (Robinhood, Kraken, Galaxy, Anchorage, Mastercard, and others). Unlike USDT and USDC, reserve income is split among network members in proportion to their contribution to the token's circulation. Market cap is about $3.26 billion in early September 2026; the token holds a MiCA e-money licence in the EU.

- **Issuer**: Paxos (structure — see the "Paxos" article)
- **Distribution**: Global Dollar Network consortium
- **Launched**: network announced November 2024; EU retail launch July 2025
- **Backing type**: Fiat-backed, fully reserved
- **Reserve attestation**: Marcum, monthly
- **Regulatory status**: MiCA EMT licence (Paxos Issuance Europe, Finland)
- **Market cap**: ~$3.26 billion (early September 2026)

## Overview

USDG is issued by Paxos (see the separate profile), but unlike PYUSD it is distributed not through a single brand but through the Global Dollar Network consortium, announced in November 2024. As of May 2026, members included Robinhood, Kraken, Galaxy Digital, Anchorage Digital, Bullish, Mastercard, Worldpay, and 130+ other integration partners. The token's EU retail launch took place on July 1, 2025.

## Revenue model and reserves

The key structural difference between USDG and USDT/USDC is that reserve income does not stay fully with the issuer — it is shared among Global Dollar Network members in proportion to the volume of the token each generates in circulation. Monthly reserve attestations are performed by Marcum — per available reporting, Paxos deliberately uses a different auditor for USDG than the one that handles PYUSD and USDP attestations, so the multi-party consortium's reporting stays independent of the company's main auditor relationship.

## Networks

Per market-data aggregators, USDG is issued on Ethereum (the original 2024 launch), Solana, Ink, Mantle, Robinhood Chain, and X Layer.

## Regulatory status

USDG is one of the few major stablecoins with a full MiCA e-money token (EMT) licence: obtained through Paxos Issuance Europe OÜ, registered in Finland and supervised by the local regulator FIN-FSA. Alongside Circle's USDC and EURC, USDG is on the short list of tokens that retain full regulatory access to the EU market after MiCA effectively pushed USDT out of the region (more in the USDT article).

## Mentioned in the digest

USDG has already appeared in State of Stablecoins coverage as one of the tokens supported by major payment infrastructure — see the block below.

## Sources

- [Paxos, on the Global Dollar EU launch](https://www.paxos.com/newsroom/global-dollar-(usdg)-launches-in-the-eu)
- [CoinMarketCap, USDG overview (issuance structure and networks)](https://coinmarketcap.com/cmc-ai/global-dollar-usdg/what-is/)
- [KuCoin, on MiCA's effect on major stablecoins' EU market access](https://www.kucoin.com/blog/mica-blocks-eu-access-major-stablecoins)

## Mentioned in the digest

- [July 2026 — the Visa Stablecoin Platform natively supports USDG](https://stblcns.xyz/reports/State_of_Stablecoins_July_2026)
- [June 2026 — Mastercard adds USDG to continuous card settlement](https://stblcns.xyz/reports/State_of_Stablecoins_June_2026)

Canonical: https://stblcns.xyz/en/wiki/stablecoins/usdg