Global Dollar (USDG)
Last changed 2026-10-10 · Score recalculated — Rescored under Scoring v2, the published formula (avoid.net/scoring): 56 → 85. Problems weighed by who is responsible: concerns that are not fraud −9.2, problems around the subject, caused by others −1.2; legitimacy credit long-running +10, regulated +10; fact-check adjustments (−12) now shown as page reliability, not in the score. Version history →
Why this score
| Every page starts at | 65 |
| Concerns that are not fraud | -9.2 |
| Problems around it, caused by others | -1.2 |
| Long-running | +10 |
| Regulated | +10 |
| Sum | 75 |
Score: 85/100 (kept between 0 and 100)
How scoring works →Summary
Global Dollar (USDG) is a fiat-backed stablecoin issued by Paxos Digital Singapore Pte. Ltd. and regulated by the Monetary Authority of Singapore, launched in November 2024 to anchor the Global Dollar Network (GDN), a consortium of exchanges and fintechs including Robinhood, Kraken, Galaxy Digital, Anchorage Digital, Bullish, Nuvei, and Visa. USDG differentiates itself from USDT and USDC by sharing reserve yield with network partners rather than retaining it at the issuer, and publishes monthly third-party reserve attestations. The stablecoin itself has no confirmed depeg incidents or direct regulatory enforcement action to date, but its issuer, Paxos, has a documented history of AML/KYC compliance failures tied to the BUSD stablecoin, and USDG's yield-distribution model sits in a regulatory gray area under the GENIUS Act's interest-payment prohibitions that lawmakers and banking groups are actively seeking to close.
Connected Entities
8 entities · 60 linked investigations- Binance→mentioned with→Tether(60%)
- Binance→mentioned with→Ethereum(65%)
- Cointelegraph→mentioned with→Ethereum(60%)
- Global Dollar (USDG)→mentioned with→PayPal USD (PYUSD)(80%)
- PayPal USD (PYUSD)→mentioned with→Binance(70%)
- PayPal USD (PYUSD)→mentioned with→Solana(65%)
- Global Dollar (USDG)→mentioned with→Ethereum(60%)
- Global Dollar (USDG)→mentioned with→Solana(60%)
- Global Dollar (USDG)→mentioned with→Binance(70%)
- Global Dollar (USDG)→mentioned with→Tether(60%)
- + 3 more
Timeline(11 events)
2019
Paxos begins issuing Binance USD (BUSD) as a white-label stablecoin partnership with Binance (background context for issuer history).
Morrison Foerster / NYDFS settlement summary12 February 2023
NYDFS orders Paxos to stop minting new BUSD tokens; SEC issues Paxos a Wells notice alleging BUSD is an unregistered security.
Multiple / Paxos ends Binance relationship9 July 2023
SEC formally closes its investigation into Paxos over BUSD without recommending enforcement action.
Paxos Newsroom / Banking Dive4 November 2024
Global Dollar Network and USDG stablecoin publicly launched, founded by Paxos, Robinhood, Kraken, Galaxy Digital, Anchorage Digital, Bullish, and Nuvei.
CoinDesk22 May 2025
Global Dollar Network reports 25+ members and rapid partner growth; Kraken states thousands of firms are expected to join.
CoinDeskJuly 2025
US GENIUS Act enacted, prohibiting stablecoin issuers from paying interest/yield directly to holders — the framework under which USDG's exchange-distributed rewards model later draws scrutiny.
CLS Blue Sky Blog7 August 2025
NYDFS announces $26.5 million penalty and $22 million compliance-investment consent order against Paxos over BUSD-era AML/KYC failures tied to Binance (2019–2023).
CoinDesk / NYDFS27 February 2026
USDG attestation provider transitions from Enrome LLP to Marcum for independent Global Dollar Network reporting.
Paxos Transparency / EcoMay 2026
USDG integration partners surpass 130, with Robinhood among the largest distribution channels.
Bitcoin Foundation3 June 2026
Mastercard includes USDG in its expanded 24/7 on-chain settlement program.
CoinMarketCap CMC AIDecision Log
- slot 457699597 · hash 8qMvFbD1jr8ompGRUHZg7a69HFia9bp9Dg4K39g6bXtQ
- slot 455370500 · hash DU6vwr2XzgGLPs9PGG5mqy523RGyprsPn5xY4VhYDPbd
- slot 443524812 · hash 3yGsMqThGNL5V7irdkgBQX1y3TATPwzEvPGkrYetBkt1
- slot 443524804 · hash 9YjgM5zx14DZmangMhYx6oWxpgJqau8nCKPbBg18FiZD
- slot 443501297 · hash FnpQ98QwdrixwzCWtm9NQ45dcsJJU3wJQutgnEWYxYzs
This investigation is cryptographically anchored to the Solana blockchain (5 decisions). 22 of 24 cited source URLs have an Internet Archive snapshot.
model: claude-code-investigator
generated: 7/22/2026, 3:52:54 AM
last updated: 10/10/2026, 6:50:22 PM
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