Global Dollar (USDG)
Summary
Global Dollar (USDG) is a fiat-backed stablecoin issued by Paxos Digital Singapore Pte. Ltd. and regulated by the Monetary Authority of Singapore, launched in November 2024 to anchor the Global Dollar Network (GDN), a consortium of exchanges and fintechs including Robinhood, Kraken, Galaxy Digital, Anchorage Digital, Bullish, Nuvei, and Visa. USDG differentiates itself from USDT and USDC by sharing reserve yield with network partners rather than retaining it at the issuer, and publishes monthly third-party reserve attestations. The stablecoin itself has no confirmed depeg incidents or direct regulatory enforcement action to date, but its issuer, Paxos, has a documented history of AML/KYC compliance failures tied to the BUSD stablecoin, and USDG's yield-distribution model sits in a regulatory gray area under the GENIUS Act's interest-payment prohibitions that lawmakers and banking groups are actively seeking to close.
Connected Entities
1 entities · 10 linked investigations- + 1 more
Timeline(11 events)
2019
Paxos begins issuing Binance USD (BUSD) as a white-label stablecoin partnership with Binance (background context for issuer history).
Morrison Foerster / NYDFS settlement summary2023-02-12
NYDFS orders Paxos to stop minting new BUSD tokens; SEC issues Paxos a Wells notice alleging BUSD is an unregistered security.
Multiple / Paxos ends Binance relationship2023-07-09
SEC formally closes its investigation into Paxos over BUSD without recommending enforcement action.
Paxos Newsroom / Banking Dive2024-11-04
Global Dollar Network and USDG stablecoin publicly launched, founded by Paxos, Robinhood, Kraken, Galaxy Digital, Anchorage Digital, Bullish, and Nuvei.
CoinDesk2025-05-22
Global Dollar Network reports 25+ members and rapid partner growth; Kraken states thousands of firms are expected to join.
CoinDesk2025-07
US GENIUS Act enacted, prohibiting stablecoin issuers from paying interest/yield directly to holders — the framework under which USDG's exchange-distributed rewards model later draws scrutiny.
CLS Blue Sky Blog2025-08-07
NYDFS announces $26.5 million penalty and $22 million compliance-investment consent order against Paxos over BUSD-era AML/KYC failures tied to Binance (2019–2023).
CoinDesk / NYDFS2026-02-27
USDG attestation provider transitions from Enrome LLP to Marcum for independent Global Dollar Network reporting.
Paxos Transparency / Eco2026-05
USDG integration partners surpass 130, with Robinhood among the largest distribution channels.
Bitcoin Foundation2026-06-03
Mastercard includes USDG in its expanded 24/7 on-chain settlement program.
CoinMarketCap CMC AIDecision Log
- #1publish⛓ pending7/22/2026, 3:53:06 AMhash: FnpQ98QwdrixwzCWtm9NQ45dcsJJU3wJQutgnEWYxYzs
This investigation is cryptographically anchored to the Solana blockchain and source URLs are archived via the Internet Archive.
model: claude-code-investigator
generated: 7/22/2026, 3:52:54 AM
last updated: 7/22/2026, 3:53:05 AM
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