Stablecoins & Markets
Kim Min-jun
Coverage focuses on reserves, redemption and the flow of money through digital-asset markets.
View articlesUSDG (Paxos)
Global Dollar (USDG) is a US dollar-backed stablecoin issued by Paxos Digital Singapore Pte. Ltd. (outside the EEA) and Paxos Issuance Europe Oy (EEA), launched on November 1, 2024. Regulation: Paxos Digital Singapore: major payment institution supervised by the Monetary Authority of Singapore; Paxos Issuance Europe Oy: electronic money institution supervised by Finland’s FIN-FSA; USDG is an e-money token under MiCA. It is on ESMA’s list of e-money tokens under MiCA.
- Ticker
- USDG
- Issuer
- Paxos Digital Singapore Pte. Ltd. (outside the EEA); Paxos Issuance Europe Oy (EEA)
- Pegged to
- US dollar
- Type
- Fiat-backed
- Launched
- November 1, 2024
- E-money token under MiCA
- Yes
- Accounting firm or verifier
- KPMG LLP
- Latest reserve report
- August 2026
- Transparency page
- paxos.com
- Checked on
Paxos states the reserves are held entirely in US dollar deposits, US Treasuries and cash equivalents in segregated accounts, with part of them at European banks to meet MiCA rules. Reserve reporting: monthly. Accounting firm or verifier: KPMG LLP. The latest report covers August 2026.
Onboarded institutions mint and redeem directly with Paxos, with no fees: EEA residents through Paxos Issuance Europe, others through Paxos Digital Singapore. The issuer lists 6 networks where the token is issued natively: Ethereum, Solana, Ink, Mantle, Robinhood Chain and X Layer.
- Token name
- Global Dollar
- Brand
- Paxos (Global Dollar Network)
- Regulation
- Paxos Digital Singapore: major payment institution supervised by the Monetary Authority of Singapore
Paxos Issuance Europe Oy: electronic money institution supervised by Finland's FIN-FSA; USDG is an e-money token under MiCA - Reserves
- Paxos states the reserves are held entirely in US dollar deposits, US Treasuries and cash equivalents in segregated accounts, with part of them at European banks to meet MiCA rules.
- Reserve reporting
- Monthly
- Latest report
- paxos.com
- Redemption
- Onboarded institutions mint and redeem directly with Paxos, with no fees: EEA residents through Paxos Issuance Europe, others through Paxos Digital Singapore.
- Networks (native issuance)
- Ethereum, Solana, Ink, Mantle, Robinhood Chain, X Layer
- Number of networks
- 6
- Website
- paxos.com
- Sources
Page URL Paxos USDG transparency https://www.paxos.com/usdg-transparency Paxos USDG page https://www.paxos.com/usdg USDG EU (MiCA) white paper https://www.paxos.com/usdg-eu-white-paper Paxos Mint and Redeem https://www.paxos.com/mint-and-redeem Paxos docs: USDG overview https://docs.paxos.com/guides/stablecoin/usdg Paxos newsroom: Paxos introduces Global Dollar (USDG) https://www.paxos.com/newsroom/paxos-introduces-global-dollar-usdg Paxos newsroom: USDG launches in the EU (1 Jul 2025) https://www.paxos.com/newsroom/global-dollar-%28usdg%29-launches-in-the-eu Paxos: OCC approves conversion (update: converted 12 Dec 2025) https://www.paxos.com/newsroom/occ-approves-paxos-application-to-convert-to-occ-trust-paxos-to-complete-conversion-imminently-to-become-a-federally-regulated-blockchain-infrastructure-provider OCC conditional approval letter, Paxos conversion (Charter 25379) https://www.occ.gov/news-issuances/news-releases/2025/nr-occ-2025-125e.pdf ESMA interim MiCA register: e-money token issuers https://www.esma.europa.eu/sites/default/files/2024-12/EMTWP.csv
