Chiara Bianchi
OKX, one of the world’s largest crypto exchanges, has officially joined the Global Dollar Network (GDN) — a collaborative stablecoin initiative launched by Paxos in partnership with industry leaders such as Robinhood, Kraken, Anchorage Digital, Galaxy Digital, Bullish, and Nuvei.
As part of its participation, OKX has integrated support for USDG, a U.S. dollar-pegged stablecoin developed by Paxos, allowing users to seamlessly convert USDG to USD on a 1:1 basis with zero fees, according to a GDN announcement made Monday.
Currently available across Ethereum, Solana, and Ink blockchains, USDG is issued by Paxos Digital Singapore and Paxos Issuance Europe, ensuring it falls under the regulatory oversight of the Monetary Authority of Singapore and Finland’s Financial Supervisory Authority.
A New Incentive Model for Stablecoin Adoption
Unlike traditional stablecoins such as Tether (USDT) and Circle (USDC), USDG is designed to share revenue with ecosystem participants, creating direct incentives for adoption. Paxos has stated that up to 100% of USDG’s revenue is distributed to partners based on their contributions — likening it to earning interest on held balances. However, specific distribution figures remain undisclosed.
According to CoinGecko, USDG currently has a circulating supply of approximately 357 million tokens.
“USDG gives our users access to a reliable, fully backed digital dollar that can power everything from daily transactions to DeFi and trading, all on a global scale,” said Jeff Ren, founder of OKX Ventures. He added that the company intends to broaden USDG’s role across the OKX ecosystem to unlock further real-world applications.
The Stablecoin Sector Is Heating Up
With the total stablecoin market cap surpassing $263 billion, USDG enters a highly competitive but fast-growing space. Some analysts predict the sector could top $1 trillion, especially as governments move toward clearer regulations.
Momentum has been building in the U.S., where lawmakers recently passed the GENIUS Act in the Senate — a bill that supports stablecoin issuance by banks. As part of the House’s ongoing “Crypto Week,” the legislation is expected to be put to a vote, potentially paving the way for increased stablecoin adoption in traditional finance.
With over 30 members already part of GDN, including Gate, BitMart, and Zodia Custody, OKX’s entry signals growing institutional support for compliant, revenue-sharing stablecoin ecosystems like USDG.
