Global Dollar (USDG) at a glance
Global Dollar (USDG) is a fiat-backed dollar stablecoin issued by Paxos and built around the Global Dollar Network, an initiative that shares stablecoin economics with participating partners. Our data shows a market capitalization of about $3.34B across 6 chains. In our stablecoin ratings it lands 6th of 15 with a best score of 8.38, supported by solid scale and a firm peg.
Peg status
Our most recent measurement shows USDG deviating just 0.01% from $1 — effectively at par. A tight peg like this is what you want to see from a regulated fiat stablecoin.
Who issues it and what backs it?
USDG is issued by Paxos, a regulated stablecoin infrastructure company that also issues other well-known dollar tokens. Paxos describes USDG as backed by cash and cash-equivalent reserves such as short-term US government securities, with regulatory oversight in Singapore. We do not independently audit these reserves; our scoring reflects peg stability, market scale, and chain reach. The Global Dollar Network model is notable because it distributes reserve yield to network participants rather than keeping it entirely with the issuer.
Points to weigh
- Centralized issuance: Paxos controls minting, redemption, and can freeze addresses.
- Regulatory dependence: Its compliance posture is a strength but also ties it to specific jurisdictions.
- Newer and smaller: USDG is less liquid than USDC or USDT, which can matter for large trades.
- No public status page was identified.
The network model in practice
The Global Dollar Network is designed to reward exchanges, wallets, and apps that help distribute USDG by sharing reserve yield they would not earn from most incumbent stablecoins. That incentive structure is USDG's main differentiator. Our 8.38 composite credits solid scale, a firm peg, and good reach, with the only real gap being the absence of a public status page.
Who should consider USDG?
USDG suits users and partners who value a regulated issuer with a shared-economics network model and are comfortable with a smaller, newer token. Those needing the deepest global liquidity may still prefer the largest incumbents. Confirm redemption terms and jurisdiction fit before relying on it.