Paxos' stablecoin, USDG, has officially expanded to the $SOL blockchain, marking a significant milestone in its multichain strategy. This move is expected to accelerate stablecoin adoption for payments and finance on a global scale.
USDG, which is pegged 1:1 to the US dollar, is fully backed by cash and cash equivalents in segregated accounts, audited monthly. This ensures transparency and regulatory compliance, as Paxos is regulated by the Monetary Authority of Singapore.
The expansion to Solana will enable institutions to access USDG via Anchorage Digital and Kraken, unlocking new opportunities for businesses and retail users alike. Some of the targeted use cases include card payments, cross-border transfers, remittances, and treasury management.
Several partners have already joined the Global Dollar Network to integrate USDG, including payments infrastructure firm alfred, Brazilian fintech Caliza, and cross-border payments provider Noah.
