Paxos stablecoin USDG, a Global Dollar, is expanding to Solana and going multichain.
The U.S. dollar fixed stablecoin, which Paxos launched on November 1, 2024, is now accessible on Solana, according to a February 25 announcement from the Global Dollar Network.
The Global Dollar (USDG) is issued by Paxos Digital Singapore Pte—Ltd, a Paxos affiliate subject to Singaporean Monetary Authority regulation.
When it first launched, Paxos stated that its MAS-regulated subsidiary would collaborate with cryptocurrency wallets, exchanges, and blockchain platforms to expedite the distribution of USDG to people and organizations. The USDG token was first introduced on Ethereum.
Paxos Stablecoin USDG Expands To Solana
According to the announcement, institutions can use Anchorage Digital and Kraken to access USDG on Solana.
According to Lily Liu, president of the Solana Foundation, “USDG’s launch on Solana will accelerate stablecoin adoption for payments and finance on a global scale and unlock new opportunities for businesses and retail users alike.”
The Brazilian fintech Caliza, the payments infrastructure company Alfred, and the cross-border payments provider Noah are among the partners who have joined the Global Dollar Network and will integrate USDG. Other cryptocurrency platforms are Sling Money and Rain.
These partners will work with Global Dollar Network to promote USDG adoption on Solana. Remittances, cross-border transfers, card payments, and treasury management are targeted use cases.
Caliza’s founder and CEO, Ezra Kebrab, made the following observation regarding the integration:
Stablecoins are bringing the idea of an international financial future to life. By joining the USDG network, Caliza can remove obstacles to economic opportunity. Businesses worldwide can now use safe, regulated financial products denominated in dollars.
As a result of increased adoption and regulatory changes, the stablecoin market has expanded dramatically. Although the two most significant market shares are Tether’s USDT and Circle’s USDC, other companies are gaining ground as markets in Latin America, the Middle East, and Africa open up.
Pax Dollar (USDP) and Pax Gold (PAXG) are Paxos’ stablecoin products designed to capitalize on this growth potential.
In addition, the company issues the yield-bearing stablecoin Lift Dollar and PayPal USD (PYUSD).
