According to a report from CoinWorld, the cryptocurrency exchange OKX has joined the Global Dollar Network (GDN), a stablecoin alliance co-founded by Paxos, Robinhood, Kraken, Anchorage Digital, Galaxy Digital, Bullish, and Nuvei. As part of this collaboration, OKX has increased its support for USDG, a stablecoin issued by Paxos that is backed by the US dollar. GDN announced on Monday that this collaboration allows OKX's claimed 60 million customers to access USDG and exchange it for US dollars at a 1:1 ratio for free. USDG is currently available on the Ethereum, Solana, and Ink blockchains and is issued by Paxos Digital Singapore and Paxos Issuance Europe. Unlike stablecoin giants Tether's USDT and Circle's USDC, USDG's structure is designed to reward ecosystem partners for promoting adoption. Paxos stated that it would distribute up to 100% of revenue to partners, depending on their contributions. A spokesperson from Paxos told The Block: “For example, GDN partners can earn rewards similar to high-interest savings accounts based on their USDG balances.” They declined to disclose how much reward has been allocated to partners since the launch of USDG in November 2024. According to CoinGecko, the circulating supply of USDG is currently approximately 357 million tokens. USDG is issued by Paxos through entities in Singapore and Europe, making it subject to regulation by the Monetary Authority of Singapore and the Finnish Financial Supervisory Authority, ensuring regulatory compliance in both regions. Jeff Ren, founder of OKX Ventures, stated in a press release: “USDG enables our customers to access a trusted, fully-backed digital dollar that is designed for global use, facilitating everything from everyday payments to seamless trading and DeFi participation.” “We look forward to expanding the integration of USDG within the OKX ecosystem in the near future to unlock more real-world use cases and further accelerate global adoption.” OKX joins over 30 other GDN members, including Gate, Zodia Custody, and BitMart. With momentum in the broader stablecoin market, the future supply growth of USDG remains to be seen. The industry's total market cap currently exceeds $263 billion, with some analysts predicting it could surpass $1 trillion, driven by favorable regulatory developments globally. Last month, the U.S. Senate passed a key stablecoin bill (GENIUS Act), increasing pressure on the House to advance the legislation. The House has declared this week as “Cryptocurrency Week,” and a vote on the (GENIUS Act) is expected, which would allow banks to issue stablecoins and potentially promote their use in payments.
