Paxos Digital Singapore, the issuer of the Global Dollar (USDG) stablecoin, has officially expanded its operations to the Solana blockchain, marking a significant step in broadening the stablecoin’s availability and use cases. Announced on February 25, 2025, USDG, which is pegged to the U.S. dollar, is now accessible on Solana, following its initial launch on Ethereum in November 2024.
Paxos Digital Singapore, a subsidiary of Paxos and regulated by Singapore’s Monetary Authority of Singapore (MAS), has partnered with prominent crypto exchanges, wallets, and blockchain platforms to accelerate the distribution of USDG to both individuals and institutions. The stablecoin is already available for use by institutions via key platforms like Anchorage Digital and Kraken.
Accelerating Global Stablecoin Adoption
Lily Liu, President of the Solana Foundation, emphasized that the integration of USDG onto Solana would fuel global adoption of stablecoins, particularly in sectors like payments and finance. She stated, “The launch of USDG on Solana will accelerate stablecoin adoption for payments and finance at a global scale, unlocking new opportunities for businesses and retail users alike.”
This expansion marks a milestone in Paxos’ strategy to broaden the use cases of USDG. The stablecoin is now set to serve various sectors, including cross-border payments, remittances, card payments, and treasury management. Alfred, a payments infrastructure firm, Caliza, a Brazilian fintech company, and Noah, a cross-border payments provider, are among the partners who will help integrate USDG into their platforms.
A Borderless Financial Future
The collaboration between the Global Dollar Network and these partners is expected to drive USDG adoption on Solana, fostering the growth of stablecoins in emerging markets, particularly in regions like Latin America, the Middle East, and Africa.
Ezra Kebrab, CEO and founder of Caliza, highlighted the role of stablecoins in promoting a borderless financial system. “The future of finance is borderless, and stablecoins are making it a reality. Joining the USDG network enables Caliza to break down barriers to economic opportunity. Now, businesses worldwide can benefit from access to dollar-denominated financial products that are safe and regulated,” he said.
Growth of the Stablecoin Market
As global regulatory changes and market trends continue to shape the crypto space, stablecoins are experiencing increased adoption across a wide range of use cases. While Tether (USDT) and Circle’s USDC remain the dominant stablecoins by market share, Paxos aims to challenge that status with USDG, alongside its other stablecoin offerings, including Pax Dollar (USDP) and Pax Gold (PAXG).
In addition to USDG, Paxos also issues PayPal USD (PYUSD) and Lift Dollar, a yield-bearing stablecoin. The company’s diversified stablecoin portfolio aims to tap into the growing demand for regulated and reliable digital currencies, particularly in underserved markets and industries.
By integrating USDG with Solana, Paxos positions itself at the forefront of the stablecoin market, ready to take advantage of the increasing global demand for digital, dollar-backed assets.