USDG stablecoins have arrived on the Solana blockchain, making digital money quicker and easier for everyone.
The Global Dollar Network—a team of big names like Anchorage Digital, Bullish, Galaxy, Kraken, Nuvei, Robinhood, and Paxos—initiated this launch. Initially built on Ethereum, USDG has now been launched on the Solana blockchain.
USDG (Global Dollar) is a US dollar-backed stablecoin issued by Paxos Digital Singapore Pte. Ltd. It operates under the regulatory framework of the Monetary Authority of Singapore (MAS), providing a stable and transparent digital asset solution.
As an ERC-20 token on Ethereum, USDG integrates seamlessly with blockchain applications while maintaining regulatory compliance.
Pegged 1:1 to the US dollar and backed by dollar reserves, USDG ensures stability and reliability. It follows a revenue distribution model, sharing income generated from its reserves with network partners.
This approach incentivizes adoption and expands its use in enterprise applications, including payments, remittances, decentralized finance (DeFi), and Treasury management.
USDG was launched through a collaboration of leading financial and crypto firms, including Paxos, Robinhood, Kraken, Galaxy Digital, Bullish, Nuvei, and Anchorage Digital.
These organizations are working together to create a more accessible and regulated stablecoin ecosystem. DBS Bank, Southeast Asia’s largest bank, serves as USDG’s primary banking partner, managing custody and reserve assets.
The project aims to compete with existing stablecoins like USDT and USDC while addressing concerns around transparency, compliance, and economic incentives. Despite its regulatory backing, USDG may face challenges such as evolving government regulations and adoption hurdles in the competitive stablecoin market.
However, its combination of compliance, revenue-sharing incentives, and enterprise-friendly features positions it as a significant player in the future of digital finance.
This launch is significant because Solana is a powerhouse, executing about 50 million transactions daily and moving over $3 billion in value. This speed and scale likely attract the Global Dollar Network to bring USDG to Solana.
Nathan McCauley, CEO of Anchorage Digital, representing the Global Dollar Network, stated that stablecoins are reshaping the economy with fast, low-cost payments.
He emphasized the importance of collaboration in building a trusted stablecoin system and highlighted USDG’s expansion to Solana as a crucial step toward a global, inclusive economy.
Lily Liu, President of the Solana Foundation, added that USDG’s launch on Solana will drive stablecoin adoption, enhance payments and finance, and create new opportunities for businesses and users.
The Global Dollar Network noted that USDG on Solana will soon be available on its members’ platforms. Diego Yanez, founder and CEO of Alfred, shared his excitement about helping USDG grow in Latin America.
He emphasized that stablecoins are already a powerful tool for saving and making payments in the region and expressed enthusiasm about supporting their broader use.
Robinhood, Kraken, and Paxos first introduced the Global Dollar Network in early November 2024, focusing exclusively on the Ethereum Network.
