Nikolas Sargeant
Cryptocurrency exchange OKX has joined the Global Dollar Network as a core partner, integrating Paxos-issued USDG stablecoin into its platform for 60 million global users. The move positions OKX alongside major financial institutions including Worldpay, Kraken, Anchorage Digital, Robinhood, and over 30 additional partners in the expanding stablecoin consortium.
The integration gives OKX users access to Global Dollar (USDG), a regulated stablecoin with a current circulating supply of approximately $357 million. Unlike many stablecoins, USDG operates within established regulatory frameworks, with reserves held by Singapore-based DBS Bank and oversight from the Monetary Authority of Singapore. The stablecoin recently expanded into the European Union under the Markets in Crypto-Assets (MiCA) framework, while OKX has been expanding its global regulatory presence with recent European licensing.
OKX's participation adds significant scale to the Global Dollar Network, which was co-founded by Paxos and launched in November 2024. The network aims to accelerate adoption of regulated digital dollars by leveraging collective strengths of participating institutions. USDG is currently available on Ethereum, Solana, and Ink blockchains, with issuance handled by Paxos Digital Singapore and Paxos Issuance Europe.
The stablecoin market, valued at $250 billion, has become one of blockchain technology's most significant use cases. While established players like Tether (USDT) and USDC dominate the market, USDG's regulatory compliance approach targets institutions and users seeking alternatives within formal regulatory frameworks. The Global Dollar Network's growth comes amid increasing institutional interest in stablecoins, particularly following recent U.S. legislative developments around digital asset regulation and OKX's own expansion into the U.S. market.
