USDG Stablecoin by Paxos Broadens to Solana Network

The stablecoin known as Global Dollar, which is issued by Paxos Digital Singapore, is expanding its reach by integrating with Solana.

On February 25, the Global Dollar Network revealed that the U.S. dollar-backed stablecoin, introduced by Paxos on November 1, 2024, was now accessible on the Solana (SOL) network.

Paxos Digital Singapore Pte. Ltd, a subsidiary of Paxos and a regulated entity by the Monetary Authority of Singapore, is responsible for issuing the Global Dollar (USDG).

At the time of its initial launch, Paxos stated that its MAS-regulated subsidiary would collaborate with cryptocurrency exchanges, wallets, and blockchain platforms to expedite USDG distribution to individuals and institutions. The USDG token initially debuted on the Ethereum network.

According to the announcement, institutions can access USDG on Solana through Anchorage Digital and Kraken.

Lily Liu, President of the Solana Foundation, remarked, "The introduction of USDG on Solana will hasten stablecoin adoption for payments and finance on a global scale, and open up new possibilities for businesses and retail users alike."

Companies that have joined the Global Dollar Network and will incorporate USDG include payments infrastructure firm alfred, Brazilian fintech Caliza, and cross-border payments provider Noah. Others are cryptocurrency platforms Rain and Sling Money.

The Global Dollar Network will work together with these partners to promote USDG adoption on Solana. The intended applications include card payments, cross-border transfers, remittances, and treasury management.

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Ezra Kebrab, the founder and CEO of Caliza, commented on the integration:

"The future of finance is borderless, and stablecoins are making it a reality. By joining the USDG network, Caliza can help break down barriers to economic opportunity. Now, businesses worldwide can benefit from access to dollar-denominated financial products that are secure and regulated."

The stablecoin market has experienced significant growth due to regulatory changes and increased adoption. Although Tether's USDT and Circle's USDC hold the largest market share, other competitors are gaining ground as markets expand in Latin America, the Middle East, and Africa.

Paxos' suite of stablecoin products, designed to capitalize on this growth potential, includes Pax Dollar (USDP) and Pax Gold (PAXG).

In addition, the company issues PayPal USD (PYUSD) as well as the yield-bearing stablecoin Lift Dollar.

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