Global Dollar (USDG), Paxos' U.S. dollar-pegged stablecoin, logged $21.8 billion in DEX trading volume during September—more than half its cumulative $40.6 billion DEX volume to date.
Uniswap V3 and V4 pools accounted for 98 percent of USDG's September volume, establishing Uniswap as the primary liquidity hub for the stablecoin on-chain.
Paxos launched USDG in November 2024 as a 1:1 backed stablecoin for payments, trading and on-chain settlement. Reserve assets are held in segregated, bankruptcy-remote accounts. Paxos Digital Singapore issues USDG under Monetary Authority of Singapore supervision, with an additional EU issuance complying with Markets in Crypto-Assets regulation.
As of Sept. 15, 2026, circulating supply stood at approximately $3.2 billion. The stablecoin has accumulated over 130 integration partners, including Robinhood, Kraken, OKX, Galaxy Digital, Mastercard and DBS Bank.
Paxos designed USDG with a revenue-sharing model distributing yield from its reserve assets to platforms that integrate the stablecoin, creating incentives for network growth.
The stablecoin maintains its peg through a standard mint-and-burn mechanism. Paxos issues USDG when institutional users deposit U.S. dollars and burns tokens upon redemption.
Initially launched on Ethereum, USDG has expanded to Solana, Ink and X Layer. In November 2025, Paxos Labs and LayerZero introduced USDG0, an omnichain version built on the Omnichain Fungible Token standard, supporting Hyperliquid, Plume and Aptos.
The Global Dollar Network provides the underlying infrastructure and incentive layer for USDG's expansion and revenue-sharing framework.
