The expansion of USDG to Solana marks a significant step in its mission to become a leading stablecoin for global transactions.
By Chimamanda U. Martha
Edited by Marco T. Lanz
Updated
3 mins read
On Tuesday, Global Dollar Network, an open network designed to accelerate and reward global stablecoin adoption, announced that it has expanded access to its Global Dollar (USDG) stablecoin on the Solana blockchain.
Launched in November 2024, USDG is a dollar-backed stablecoin issued by Paxos Digital Singapore Pte. Ltd., a unit of the leading regulated blockchain and tokenization platform. The digital asset was introduced as a “substantially compliant” stablecoin, which aligns with the upcoming regulatory framework set by the Monetary Authority of Singapore (MAS).
To maintain its 1:1 peg with the US dollar, USDG is backed by national reserves, including dollar deposits, short-term government securities, and other cash equivalents.
Initially available on the Ethereum blockchain, Global Dollar has now brought USDG to Solana. This integration allows users to transact with the stablecoin at lower costs compared to Ethereum’s higher network fees.
For institutional players, the platform said that some of its business partners such as Anchorage Digital and Kraken will facilitate access to USDG on Solana. The service is expected to go live by the end of the week.
USDG’s expansion to Solana is part of a broader multichain strategy aimed at making the stablecoin more accessible to enterprises and retail users. The platform seeks to compete with established stablecoin giants like Tether USD (USDT) and Circle USD (USDC).
Currently, USDC dominates the Solana network, holding over 78% of the stablecoin market share with more than $11 billion in circulation, according to DeFiLlama. Despite USDC’s strong presence, Global Dollar believes USDG offers a unique value proposition tailored for institutional-grade adoption.
A Unique Approach to Stablecoins
Unlike its competitors, Global Dollar aims to accelerate stablecoin adoption globally while catering to regulated institutions that require higher operational standards.
The platform expects this approach to resonate with Solana users, including DeFi protocols seeking a compliant, institutional-friendly stablecoin.
Additionally, the platform aims to position USDG as the “leading stablecoin” in the industry.
“In Global Dollar Network, our vision is clear: positioning USDG as the leading stablecoin for a global, inclusive economy. USDG going multi-chain by expanding to Solana is a big step towards that vision. USDG’s efficiency, combined with Solana’s fast, scalable tech stack, will create the foundation for many new use cases,” said Nathan McCauley, co-founder and CEO of Anchorage Digital on behalf of members of Global Dollar.
Global Dollar is expanding to Solana alongside new business partners, including Alfred, Caliza, Noah, Rain, and Sling Money. These partners will develop various use cases for USDG, such as cross-border payments, remittances, card transactions, treasury management, and settlements. In return, each partner will receive up to 100% of the returns generated by assets backing USDG held on their platforms.
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Chimamanda is a crypto enthusiast and experienced writer focusing on the dynamic world of cryptocurrencies. She joined the industry in 2019 and has since developed an interest in the emerging economy. She combines her passion for blockchain technology with her love for travel and food, bringing a fresh and engaging perspective to her work.
