The Global Dollar stablecoin (USDG), issued by Paxos Digital Singapore, is expanding to Solana, marking a major step in multichain adoption. Initially launched on Ethereum in November 2024, USDG is now available on Solana’s blockchain, bringing faster transactions and lower fees to users and institutions worldwide.

According to the Global Dollar Network, this expansion is set to boost stablecoin adoption for payments and financial applications on a global scale. Institutional users can now access USDG on Solana through Anchorage Digital and Kraken, two leading crypto platforms.

The move is expected to significantly enhance transaction efficiency, leveraging Solana’s high-speed capabilities and scalability. As stablecoins become an essential part of digital finance, USDG’s expansion aligns with the increasing institutional demand for regulated digital assets.

Paxos’ Regulatory Framework and USDG Adoption

Paxos’ affiliate, Paxos Digital Singapore Pte. Ltd, is responsible for issuing USDG under the Monetary Authority of Singapore (MAS) regulatory framework. Since its initial launch, Paxos has collaborated with crypto exchanges, wallets, and blockchain platforms to ensure global distribution.

Now, with its Solana integration, Paxos aims to provide users with a faster, more cost-effective alternative for cross-border payments and decentralized finance (DeFi) applications. The ability to move funds quickly and cheaply is critical for businesses and retail users alike, making this expansion a significant milestone.

Beyond speed and affordability, USDG’s regulatory compliance remains a key advantage. As governments tighten stablecoin regulations, Paxos is positioning USDG as a trusted and compliant alternative to other leading stablecoins.

Global Dollar Network Expands With Key Partnerships

Several major fintech and crypto platforms have joined the Global Dollar Network to integrate USDG into their systems, including:

• Alfred – A payments infrastructure firm
• Caliza – A Brazilian fintech company
• Noah – A cross-border payments provider
• Rain & Sling Money – Crypto-focused payment platforms

These partnerships will help facilitate various financial services, including:

• Card payments
• Cross-border money transfers
• Remittances
• Treasury management for businesses

By working with these partners, USDG on Solana will further expand its reach, helping to bridge traditional finance with blockchain-based solutions.

Industry Leaders React to USDG’s Expansion

Lily Liu, President of the Solana Foundation, praised the move:
"The launch of USDG on Solana will accelerate stablecoin adoption for payments and finance at a global scale, unlocking new opportunities for businesses and retail users alike."

Ezra Kebrab, CEO of Caliza, also commented:
"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."

With USDG’s integration, businesses and financial institutions can now explore new possibilities for digital payments, further strengthening Solana’s position as a leading blockchain for stablecoins and DeFi.

The Competitive Stablecoin Market & Paxos’ Role

The stablecoin market has seen exponential growth as regulatory developments and adoption rates continue to rise. While Tether (USDT) and Circle’s USDC dominate the market, new players like Paxos’ USDG are gaining ground, especially in Latin America, the Middle East, and Africa.

To compete in this evolving landscape, Paxos offers a comprehensive suite of stablecoin products, including:

• Pax Dollar (USDP) – A widely used USD-backed stablecoin
• Pax Gold (PAXG) – A gold-backed digital asset
• PayPal USD (PYUSD) – A regulated stablecoin for PayPal transactions
• Lift Dollar – A yield-bearing stablecoin for institutional investors