Thomas Daniels
Crypto exchange OKX has officially joined the Paxos-led Global Dollar Network—an expanding consortium designed to promote adoption of the USDG stablecoin, an emerging regulated US dollar–backed token. Launched in November 2024, USDG currently has a total circulating supply of approximately $356 million.
By integrating USDG, OKX unlocks the token’s trading and transfer capabilities for its 60 million global users, a move the company announced on Monday. This strategic partnership aims to accelerate traction for a regulated digital dollar within established financial frameworks, directly addressing growing demand for trusted stablecoin infrastructure.
OKX already supports major stablecoins such as Tether (USDT) and USD Coin (USDC). Introducing USDG—backed by Paxos and custodied by Singapore’s DBS Bank—expands access to a fully regulated alternative. Regulated by the Monetary Authority of Singapore, USDG recently extended its reach into the EU under the MiCA framework, reinforcing its credibility and institutional appeal.
Although USDG remains modest in market size compared to leading stablecoins, Paxos is actively working to shrink this gap by positioning USDG within sophisticated oversight systems. The Global Dollar Network now includes major players like Robinhood, Kraken, Anchorage Digital, Beam, DBS, and Standard Chartered, forming a growing ecosystem of regulated stablecoin participants.
With the overall stablecoin market nearing $250 billion in transaction volume, demand spans retail and institutional users. In developed markets like North America and Europe, stablecoins are primarily used for liquidity management and settlement , while in emerging economies they provide essential tools for reliable transactions amid currency instability.
Institutional uptake is accelerating—banks are exploring stablecoins for cross-border payments. In the U.S., the recent Senate clearance of the GENIUS Act has sparked renewed corporate interest. Notably, companies such as Apple and Elon Musk’s X are actively investigating stablecoin payment integrations.
