Crypto exchange OKX joins Global Dollar Network, integrates Paxos-issued USDG stablecoin

Crypto exchange OKX has joined the Global Dollar Network (GDN), a stablecoin consortium co-founded by Paxos, Robinhood, Kraken, Anchorage Digital, Galaxy Digital, Bullish and Nuvei. As part of the move, OKX has added support for USDG, a U.S. dollar-backed stablecoin issued by Paxos.

The addition allows OKX’s claimed 60 million customers to access USDG and convert it 1:1 with USD at no cost, GDN said Monday. USDG is currently available on the Ethereum, Solana and Ink blockchains, and is issued by Paxos Digital Singapore and Paxos Issuance Europe.

Unlike stablecoin giants Tether's USDT and Circle's USDC, USDG is structured to reward ecosystem partners for driving adoption. Paxos says it distributes up to 100% of USDG's revenues to partners based on their contributions. “For example, GDN partners earn rewards on USDG balances similar to a high interest savings account,” a Paxos spokesperson told The Block on behalf of GDN. They declined to disclose how much has been distributed to partners in rewards since USDG’s launch in November 2024. As of now, USDG’s circulating supply stands at about 357 million tokens, according to CoinGecko.

USDG’s issuance via Paxos’ Singapore and European entities places it under the oversight of the Monetary Authority of Singapore and Finland’s Financial Supervisory Authority, respectively, ensuring regulatory compliance in both regions.

"USDG gives our customers access to a trusted, fully backed digital dollar designed for global use, enabling everything from everyday payments to seamless trading and DeFi participation," Jeff Ren, founder of OKX Ventures, said in a statement. "We look forward to expanding USDG integration across the OKX ecosystem in the near future to unlock more real-world use cases and further accelerate global adoption." 

OKX joins over 30 other GDN members, including Gate, Zodia Custody, and BitMart.

The future growth of USDG’s supply remains to be seen amid momentum in the broader stablecoin market. The sector’s total market cap currently stands at over $263 billion, with some analysts predicting it could surpass $1 trillion, spurred by favorable regulatory developments globally. Last month, the U.S. Senate passed the GENIUS Act, a key stablecoin bill, intensifying pressure on the House to advance it. The House has declared this week “Crypto Week” and is expected to vote on the GENIUS Act, which would permit banks to issue stablecoins and potentially boost their use in payments.