Global Dollar Network (GDN) / Global Dollar (USDG)
About
Global Dollar Network is an enterprise-facing stablecoin network built around Global Dollar (USDG), a US dollar-pegged stablecoin issued by Paxos under regulatory supervision (MAS in Singapore, FIN-FSA/MiCA in Europe). USDG is fully backed 1:1 by US dollar reserves held in segregated accounts, redeemable from Paxos at any time, and available on Solana, Ethereum, Ink, X Layer, and other blockchains. The network is designed to share reserve-generated revenue with partners — exchanges, fintechs, payment firms, and enterprises — based on their USDG minting, custody, and acceptance activity.
Where Does Yield Come From?
In the Global Dollar ecosystem, yield comes from the reserve assets that back every USDG in circulation. Paxos keeps cash and cash-like reserves in separate accounts, and those reserves earn returns in the normal course of investing them.
What makes this different from most stablecoins? Most issuers keep that reserve income for themselves. The Global Dollar Network, instead, passes up to 100% of those returns back to its partners — exchanges, fintech companies, payment firms, and other enterprises.
Partners earn rewards based on three types of activity:
- Hold — Partners earn on the USDG balances they keep custody of, similar to a savings account that pays yield.
- Mint — Partners receive ongoing revenue linked to the net amount of USDG they mint into circulation. This rewards them for helping the supply grow.
- Accept — Partners earn incentives when customers deposit USDG onto their platform or process USDG payments.
The exact amount each partner gets is set by the Network's transparent economic model, which looks at their minting, custody, and acceptance activity. There is no native protocol token, no staking, and no DeFi lending pool involved. The yield is simply a redistribution of the returns that the reserves naturally generate, designed to reward enterprises that drive stablecoin adoption.
Important: USDG itself does not have yield built into the token. Only Global Dollar Network partners — enterprises with partnership agreements — receive the revenue share. End users do not earn yield directly from holding USDG.
Persons
Charles Cascarilla
CEO + Co-Founder of Paxos (Paxos is the issuer behind Global Dollar / USDG)
Ronak Daya
Head of Product of Paxos (spokesperson on behalf of Global Dollar Network)
Walter Hessert
Head of Strategy at Paxos (spokesperson on behalf of Global Dollar Network)
Audits
| Audit / Date | Findings | Verdict |
|---|---|---|
Halborn24-07-2025 - 25-07-2025 |
| The audit found only a single informational issue (unrestricted `initializeDomainSeparator()`), which was acknowledged but not code-fixed; with zero critical, high, medium, or low findings, the targeted change review indicates strong code quality for the modified domain-separator logic. |
Zellic15-12-2025 |
| The review identified only a single informational finding (unused V1 signatures remaining valid on V2, acknowledged by Paxos as intentional), with no high or medium severity issues, confirming the patch introduces signature-validation enhancements without material security risk. |
Trail of Bits09-09-2024 - 27-09-2024 |
| This assessment found only low-severity and informational issues with no high or medium risks, and all findings were remediated by Paxos before final publication, reflecting a strong security posture for the cross-chain messaging integration. |
Zellic14-10-2024 - 18-10-2024 |
| The audit identified one critical vulnerability (frozen-token cross-chain bypass) that was acknowledged and remediated before deployment, alongside two minor informational items; overall the stablecoin contracts are well-architected with appropriate access controls, rate limiting, and multi-sig custody for privileged roles. |
Halborn17-10-2025 - 03-11-2025 |
| The audit identified 8 findings, all of which were either resolved, risk-accepted, or acknowledged, with 100% of reported findings addressed by the Paxos team. The remaining risk-accepted and acknowledged items are low-severity and do not pose imminent threats to protocol safety. |
Zellic09-02-2026 - 12-02-2026 |
| Two high-severity findings enabled reward double claiming via shares-calculation gaps in multiplier and maturity-period changes, but both were acknowledged and remediated before publication; the remaining findings are low-severity or informational, leaving the codebase well-structured once the high-severity fixes are deployed. |
Legal
Legal form
Private limited company (Pte. Ltd.)
Registration jurisdiction
Singapore
Status and notes
The website is operated by Paxos Digital Singapore Pte. Ltd. (a private limited company registered in Singapore). USDG is issued by Paxos Digital Singapore (supervised by Monetary Authority of Singapore as a Major Payments Institution) and by Paxos Issuance Europe (under FIN-FSA supervision, compliant with MiCA). The footer states "Published 2024. Paxos Digital Singapore Pte. Ltd. All rights reserved." Privacy Policy and Cookie Policy link to paxos.com. General T&Cs and USD Stablecoin T&Cs link to paxos.com. No separate imprint/legal page exists on globaldollar.com; legal details are consolidated in the footer.