Global Dollar (USDG) is issued by Paxos Digital Singapore Pte. Ltd. — the Singapore subsidiary of Paxos, which also issues PYUSD and USDP. It operates under the Monetary Authority of Singapore's (MAS) forthcoming stablecoin framework, making it one of the first stablecoins designed specifically for MAS regulatory compliance. DBS Bank — Singapore's largest bank — handles reserve custody and cash management. Monthly reserve attestations are conducted by independent auditors.
USDG is a fiat-referenced stablecoin pegged 1:1 to the US dollar, deployed on Ethereum and other MAS-approved public blockchains. Reserves are held in US dollars, short-term US government securities, reverse repurchase agreements, and money market funds in line with MAS guidelines. It is used for digital payments, cross-border transfers, treasury management, and DeFi. The Global Dollar Network includes wallets, fintechs, payment providers, and financial institutions across Asia-Pacific and beyond. Notably, members of the Global Dollar Network include Robinhood, Anchorage Digital, and Galaxy Digital.
USDG is pegged to $1.00 with no upside potential. Its circulating supply reflects actual issuance by Paxos Singapore. The market cap of approximately $2.6 billion makes it one of the larger MAS-regulated stablecoins. Daily volume of approximately $48 million reflects active usage rather than speculation.
USDG is specifically positioned for the Asia-Pacific market where MAS regulation provides a strong compliance framework for institutional adoption. Its main competitors are USDC and USDT in the global market, but its MAS regulatory positioning differentiates it for users and institutions prioritising Singapore compliance.
USDG is a newer stablecoin with a relatively short track record compared to USDT, USDC, or DAI. Its adoption is primarily concentrated in Asian markets. As with all Paxos products, it is subject to US regulatory influence through the parent company. The MAS stablecoin framework is still forthcoming — regulatory completeness is not yet finalized.
MAS finalises its stablecoin framework providing USDG with clear regulatory status across ASEAN, further major institutions join the Global Dollar Network, or USDG becomes the standard settlement stablecoin for Asian cross-border payments.
The MAS stablecoin framework is delayed or imposes conditions that disadvantage USDG, competing stablecoins (USDC, USDT) capture the Asian market through established relationships, or Paxos's US regulatory situation affects its Singapore operations.
We would become more positive if: the MAS stablecoin framework is finalised and USDG receives full approval status, adoption in ASEAN financial institutions accelerates, or the Global Dollar Network expands significantly. We would become more cautious if: MAS regulatory approval is delayed, or adoption growth stalls below expectations.
Global Dollar is one of the most credibly regulated new stablecoins of 2025-2026, with DBS Bank custody and MAS oversight providing strong institutional backing. As a newer product it lacks the long track record of USDC or USDT. For Irish users, it is not a primary option given its Asia-Pacific focus, but it is worth understanding as a signal of how global stablecoin regulation is evolving beyond the US.