Global Dollar (USDG), the stablecoin issued by Paxos Digital Singapore, is expanding to the Solana blockchain, marking a significant step in its multichain strategy. The Global Dollar Network announced the expansion on February 25, making the U.S. dollar-pegged stablecoin available on Solana, which is known for its high-speed and low-cost transactions.
USDG’s Expansion to Solana
Initially launched on Ethereum on November 1, 2024, USDG was introduced by Paxos Digital Singapore Pte. Ltd., a subsidiary regulated by the Monetary Authority of Singapore (MAS). At launch, Paxos aimed to accelerate the distribution of USDG through partnerships with crypto exchanges, wallets, and blockchain platforms.
With its availability on Solana, institutions can now access USDG through Anchorage Digital and Kraken. This integration is expected to enhance stablecoin adoption for payments and finance, unlocking new business opportunities.
“The launch of USDG on Solana will accelerate stablecoin adoption for payments and finance at a global scale, and unlock new opportunities for businesses and retail users alike,” said Lily Liu, President of the Solana Foundation.
Key Partnerships Driving Adoption
Several companies have joined the Global Dollar Network to integrate USDG, including:
- Alfred – A payments infrastructure firm
- Caliza – A Brazilian fintech company
- Noah – A cross-border payments provider
- Rain & Sling Money – Crypto platforms supporting USDG transactions
These partners will focus on driving USDG adoption in areas such as card payments, cross-border transfers, remittances, and treasury management.
“The future of finance is borderless, and stablecoins are making it a reality. Joining the USDG network enables Caliza to break down barriers to economic opportunity. Now, businesses worldwide can benefit from access to dollar-denominated financial products that are safe and regulated,” said Ezra Kebrab, CEO of Caliza.
The Growing Stablecoin Market
The stablecoin sector continues to expand amid regulatory changes and increased adoption. While Tether’s USDT and Circle’s USDC dominate market share, new players like Paxos are making significant strides, particularly in Latin America, the Middle East, and Africa.
Paxos’ suite of stablecoins includes:
- Pax Dollar (USDP) – A fully regulated stablecoin
- Pax Gold (PAXG) – A gold-backed digital asset
- PayPal USD (PYUSD) – Issued for PayPal’s crypto ecosystem
- Lift Dollar – A yield-bearing stablecoin
By launching USDG on Solana, Paxos is strengthening its position in the evolving stablecoin landscape. As the demand for digital payments grows, this expansion is poised to enhance financial accessibility and efficiency for users worldwide.
