Paxos stablecoin USDG expands to Solana
Global Dollar, the stablecoin issued by Paxos Digital Singapore, is going multichain with expansion to Solana.
The Global Dollar Network announced on Feb. 25 that the U.S. dollar pegged stablecoin, which Paxos introduced on November 1, 2024, was now available on Solana (SOL).
Paxos’ affiliate, the Paxos Digital Singapore Pte. Ltd, is the issuer of the Global Dollar (USDG), and is an entity regulated by the Monetary Authority of Singapore.
At the time of the initial launch, Paxos said its MAS-regulated subsidiary would partner crypto exchanges, wallets and blockchain platforms to accelerate USDG distribution to individuals and institutions.The USDG token initially launched on Ethereum.
Per the announcement, institutions can access USDG on Solana via Anchorage Digital and Kraken.
“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.
Partners that have joined the Global Dollar Network and will integrate USDG include payments infrastructure firm alfred, Brazilian fintech Caliza, and cross-border payments provider Noah. Others are crypto platforms Rain and Sling Money.
Global Dollar Network will collaborate with these partners to drive USDG adoption on Solana. Targeted use cases include card payments, cross-border transfers, remittances, and treasury management.
Commenting on the integration, Ezra Kebrab, founder and chief executive officer of Caliza, noted:
“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.”
The stablecoin market has grown significantly amid regulatory changes and greater adoption. While Tether’s USDT and Circle’s USDC make up the two largest by market share, other players are making inroads as markets open up in Latin America, the Middle East and Africa.
Paxos’ suite of stablecoin products aimed at this growth potential include Pax Dollar (USDP) and Pax Gold (PAXG).
The company also issues PayPal USD (PYUSD) as well as the yield-bearing stablecoin Lift Dollar.
