The Global Dollar Network (GDN), powered by blockchain infrastructure platform Paxos, has announced a significant expansion, surpassing 100 partner firms and seeing its USD-backed stablecoin, Global Dollar (USDG), achieve a market capitalization exceeding $1 billion. This growth supports the network's goal of building an open, enterprise-grade digital dollar ecosystem for real-world financial applications.
Partners can now earn rewards through activities involving USDG, including minting, holding, and transacting with the stablecoin. The network's expansion focuses on increasing utility and access. New joiners span multiple sectors: exchanges and trading specialists like Archax, B2C2, Gate.io, Gemini, KuCoin, and Wintermute; DeFi applications including Aleo and Solstice Labs; infrastructure providers such as Tangem and WalletConnect; and payment providers & fintechs like AMINA Bank and Yellowcard. These firms join existing partners including Anchorage Digital, Bullish, Galaxy Digital, Kraken, OKX, Paxos, and Robinhood.
The adoption of USDG is driving diverse use cases across the partner network. Earn programs have been launched by AMINA Bank, Gate.io, Kraken, Luno, and OKX, allowing users to earn rewards on USDG holdings. Trading capabilities have been enhanced, with OKX adding USDG as collateral for margin and perpetual trading. Corporate treasury management is being transformed, as companies like Bullish, Kraken, OKX, and Galaxy Digital hold portions of their dollar reserves in USDG. The stablecoin is also used for settlement in tokenized equities trading on platforms like Alpaca and Kraken, and has gained utility in DeFi markets on venues such as Kamino, JupLend, and Loopscale. Furthermore, Kraken utilizes USDG in its payments flows, enabling instant cross-border transfers in over 160 countries.
This real-world adoption is supported by liquidity provided by market makers Keyrock, B2C2, and JST Digital. OKX has introduced a unified USD order book that includes USDG, aiming to create a single dollar market for improved liquidity, tighter spreads, and efficient execution. USDG, which powers the Global Dollar Network, is live on Solana, Ink, X Layer, and Ethereum.
Paxos's regulatory standing is a cornerstone of this growth. USDG is issued by Paxos Digital Singapore, supervised by the Monetary Authority of Singapore (MAS), and by Paxos Issuance Europe OY under the supervision of FIN-FSA in compliance with MiCA. Crucially, Paxos recently received approval to convert its New York Department of Financial Services (NYDFS) trust charter to a national trust charter overseen by the U.S. Office of the Comptroller of the Currency (OCC). This conversion will subject all of Paxos Trust Company's U.S.-based activities to federal OCC supervision, providing a federally regulated platform for businesses to issue, custody, trade, and settle digital assets with compliance across all 50 states.
This federal oversight is expected to accelerate enterprise adoption. Paxos's U.S.-issued stablecoins, including PYUSD, will be issued under this federal regulatory framework, aiming to align with the proposed federal GENIUS regulations. The company's role as a compliant blockchain infrastructure provider is central to its mission of "re-platforming" the financial system to enable the instantaneous global movement of assets.
Separate data from Token Terminal underscores the explosive growth of the Paxos ecosystem. The total market cap of assets issued by Paxos has soared from $1 billion to $6.6 billion since the start of 2025. This rapid expansion is driven by rising institutional demand for regulated stablecoins and tokenized assets across multiple blockchains, including Ethereum, Solana, Stellar, and Arbitrum. PYUSD and USDG have been the dominant contributors to this growth, reflecting adoption by payment platforms, exchanges, and institutional partners seeking compliant digital dollars. The data indicates a structural shift, with institutional players increasingly favoring regulated, asset-backed tokens.
