Bubble
Global Dollar USDG
Global Dollar (USDG) was trading at $0.9999, ranked #24 by market cap at $3.25B, with 24h volume of $70.00M.
Data snapshot: 2026-07-22 18:00 UTC.
USDG is the stablecoin behind the Global Dollar Network, a consortium launched in late 2024 by Paxos alongside partners including Kraken, Robinhood, Mastercard and Anchorage Digital. Its distinguishing feature is sharing reserve income with the network partners that drive adoption, rather than the issuer keeping it all, and it operates under EU MiCA and Singapore MAS oversight. USDG is a dollar stablecoin issued under Singapore's stablecoin framework and distributed through a consortium of exchanges and payment firms that share in the revenue its reserves generate. That revenue-sharing model is the interesting part: most stablecoin issuers keep the interest earned on reserves, while this one distributes it to the partners that drive adoption. It is an attempt to buy distribution with economics rather than with brand. On this map it is a smaller entry in the stablecoin group, and its market cap tracks how far that distribution strategy has gone.
What is different about USDG's model?
Revenue earned on its reserves is shared with the exchanges and payment firms that distribute it, rather than kept entirely by the issuer.
Under what rules is it issued?
It is issued under Singapore's stablecoin regulatory framework, which sets requirements for reserves and redemption.
Why would exchanges prefer it?
Because they earn a share of reserve income for supporting it, which changes their incentive compared with listing a stablecoin whose revenue they see none of.
What does its market cap indicate?
How much of that distribution strategy has translated into circulating supply. For a newer stablecoin, growth in supply is the main adoption signal.
Market cap decides how big a bubble is drawn, so rank is what places USDG on the map relative to the rest of its sector.
| Rank | Coin | Market cap |
|---|---|---|
| #21 | World Liberty Financial USD (USD1) | $4.18B |
| #22 | Ethena USDe (USDE) | $4.05B |
| #24 | Global Dollar (USDG) | $3.25B |
| #27 | sUSDS (SUSDS) | $4.64B |
| #28 | PayPal USD (PYUSD) | $2.78B |