Global Dollar (USDG)
Global Dollar is a dollar stablecoin issued by Paxos. Paxos Digital Singapore issues it as a Major Payments Institution supervised by the Monetary Authority of Singapore, and Paxos Issuance Europe issues it under MiCA. Reserves are dollar deposits and short-term Treasury equivalents, redeemable one for one. Most stablecoin issuers keep the interest earned on those reserves. Here the platforms that hold or move USDG can receive up to 100 percent of the yield on the reserves behind those balances. Anchorage Digital, Bullish, Galaxy Digital, Kraken, Nuvei, Paxos and Robinhood launched the network in November 2024. Circulating supply was about 3.3 billion dollars in August 2026.
A fully reserved dollar stablecoin whose distinguishing feature is paying reserve income out to the platforms that distribute it. Solid on stability and traction for its age, minimal on fiat independence and sovereignty.
M69 Score
Scored against the Money2069 Manifesto — see methodology. Higher = more aligned.
Detailed Rating Breakdown
Issuance Model3x3.0
Only Paxos can mint, and minting requires a regulated onboarding, so issuance is fully permissioned. No supply is created through debt: every unit is matched by dollar deposits and short-term Treasury equivalents, and redemption burns supply. Issuance tracks demand for dollars rather than any real-economy measure, and there is no ceiling.
Spending Power Stability2x2.0
Full reserve against a fiat dollar, with regulated attestation and a clean peg record since November 2024. The benchmark is the dollar itself, so holders take the dollar's purchasing-power drift with no mechanism that addresses it.
Fiat Independence & Interoperability2x1.0
Unit of account, collateral and redemption are all US dollar. The token cannot function without dollar banking and Treasury markets. The open-network framing and multi-chain deployment give a little interoperability credit, but nothing structural reduces fiat dependence.
Traction2x3.0
About 3.3 billion dollars circulating in August 2026 across Ethereum, Solana and several other chains, with 150-plus enterprise partners and distribution through Kraken, Robinhood and Mastercard. Less than two years old, which caps longevity. Adoption is bought: the revenue share is an explicit incentive, so organic growth scores low.
Sovereignty2.0
Paxos is a single regulated issuer that can freeze and blacklist addresses, and it answers to Singapore and EU supervisors. Holders can self-custody on permissionless chains, which is the strongest mark here. On-chain transfers carry no privacy.
Governance3.0
Decision rights sit entirely with Paxos, but the process is legible: regulated issuance, published attestations, and reserve rules set by MAS and MiCA rather than by internal discretion. That external constraint on issuance rules is stronger than most corporate stablecoin governance, and weaker than any distributed model.
Resilience3.0
The token itself has faced no crisis, which caps the heaviest question in this category. The full-reserve design handles redemption pressure well and Paxos has executed an orderly stablecoin wind-down before. Multi-chain deployment gives redundancy and reserve income funds operations without external raises.
Inclusivity3.0
Anyone can hold and transfer USDG on public chains without permission, and dollar access matters most in places where local money fails. Minting and redemption need a regulated account with identity checks. Reserve income is shared with the platforms that distribute the token, not with the people holding it, so seigniorage moves from one company to several rather than to users.