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Record sog_st_usdg

USDGGlobal Dollar

Also recorded as USDG, Global Dollar

Active

Lifecycle: Active
Issuance: Restricted
Reference target: US dollar
Primary organization: Paxos Digital Singapore Pte. Ltd.
2 additional relationships
Launch: 2024-11-04
Redemption: Eligible Customers Only
Backing: Fiat and cash equivalents
Stabilization: Issuer redemption
Last review: 2026-06-05
Evidence: 3 source records

Reviewed assessment

Identity and current state

This summary reports reviewed facts and uncertainty. It is not a rating or recommendation.

A US dollar stablecoin connected to the Global Dollar Network and issued through Paxos-related arrangements.

Name	Global Dollar
Symbol	USDG
Aliases	USDG, Global Dollar
Asset class	Stablecoin
Lifecycle status	Active
Issuance status	Restricted
Canonical record ID	`sog_st_usdg`
Route slug	`usdg`
Record confidence	Medium
Last reviewed	2026-06-05

Name: Global Dollar
Symbol: USDG
Aliases: USDG, Global Dollar
Asset class: Stablecoin
Lifecycle status: Active
Issuance status: Restricted
Canonical record ID: sog_st_usdg
Route slug: usdg
Record confidence: Medium
Last reviewed: 2026-06-05

Record coverage

Section	Entries
Organizations	3
Sources	3
Reserve reports	2
Reserve components	1
Model-history events	0
Regulatory notes	0
Deployments	1
Issuer-control actions	0
Open questions	5
Events	1

Organizations and control

Primary display is a navigation and summary choice only. It does not replace other organizations or imply sole legal responsibility, operational control, reserve custody, or historical continuity.

Governance: Centralized
Primary display organization: Paxos Digital Singapore Pte. Ltd.
Primary display role: Legal issuer
Relationship coverage: 3 recorded relationships

Control and relationship coverage

Display selection mode: Explicit Override
Current relationships: 3
Ended relationships: 0
Unknown relationship state: 0
Freeze capability: 0 recorded yes · 0 recorded no · 1 not recorded
Blacklist capability: 0 recorded yes · 0 recorded no · 1 not recorded
Deployment control-event references: 0
Observed issuer-control events: 0

All current, ended, and unknown-state organization relationships
Organization	Organization category	Regulatory character	Jurisdiction	Role	Display priority	From	Until	Relationship status
Paxos Digital Singapore Pte. Ltd.	Company or corporate group	Not recorded in canonical data	Singapore	Legal issuer	Primary display	Not yet recorded	Not yet recorded	Active relationship
Paxos Issuance Europe Oy	Company or corporate group	Not recorded in canonical data	Finland / European Union	Legal issuer	Additional relationship	Not yet recorded	Not yet recorded	Active relationship
Global Dollar Network	Network or ecosystem	Not recorded in canonical data	Multiple jurisdictions	Brand owner	Additional relationship	2024-11-04	Not yet recorded	Active relationship

Company or corporate group

Paxos Digital Singapore Pte. Ltd.

Primary display

Functional role: Legal issuer
Relationship status: Active relationship
Regulatory character: Not recorded in canonical data
Jurisdiction: Singapore
From: Not recorded
Until: Not recorded

Company or corporate group

Paxos Issuance Europe Oy

Additional relationship

Functional role: Legal issuer
Relationship status: Active relationship
Regulatory character: Not recorded in canonical data
Jurisdiction: Finland / European Union
From: Not recorded
Until: Not recorded

Network or ecosystem

Global Dollar Network

Additional relationship

Functional role: Brand owner
Relationship status: Active relationship
Regulatory character: Not recorded in canonical data
Jurisdiction: Multiple jurisdictions
From: 2024-11-04
Until: Not recorded

Mechanism

How the asset works

Primary operating facts are shown first. Classification and methodology details remain available below.

Reference target: US dollar
Public backing model: Fiat and cash equivalents
Primary stabilization mechanism: Issuer redemption
Redemption / exit model: Eligible Customers Only
Valuation source: Public information is incomplete
Yield / rebase profile: None recorded

Classification and mechanism details

Reference kind: Fiat
Comparison category: US dollar
Target value: 1
Reference methodology: Targets a US dollar reference value unless the record documents a different target value.
Canonical backing types: Mixed
Reserve component categories: Unknown
Recorded model description: Fiat-backed
Classification notes: Not recorded

Reserve and redemption

Recorded components, disclosures, reports, and redemption conditions remain explicit.

Reserve components

Mixed backing; component breakdown unresolvedUnknown after review

Reserve profile

Disclosure status	Not yet recorded
Backing types	Mixed
Summary	Reserve disclosure entry points exist, while exact issuer-entity and period-level reporting remain under review.
As of	2026-06-05
Profile confidence	Medium

Disclosure status: Not yet recorded
Backing types: Mixed
Summary: Reserve disclosure entry points exist, while exact issuer-entity and period-level reporting remain under review.
As of: 2026-06-05
Profile confidence: Medium

Redemption profile

Current status	Eligible Customers Only
Settlement asset	USD
Eligible parties	Fully verified Paxos customers served by Paxos Digital Singapore or Paxos Issuance Europe where the applicable entity and jurisdiction permit USDG issuance or redemption.
Retail access	Customer Account and Identity Verification Required
Institutional access	Eligible Paxos Customers Direct
Minimum amount	Paxos may require a redemption minimum equal to the applicable bank wire fee; the minimum may change and redemptions are rounded down to the nearest U.S. cent.
Fee	Paxos states that it does not charge a USD Stablecoin redemption fee, while banking, wallet, transfer, account, or other third-party fees may apply.
Settlement time	Paxos states that U.S.-dollar withdrawals may take up to two days, with larger withdrawals potentially taking substantially longer; compliance review may also delay processing.
Regional limits	Only verified Paxos customers may redeem directly., Service availability depends on residence and the Paxos entity with which the customer is registered., Paxos may refuse or suspend issuance or redemption for compliance, account, legal, or platform reasons.

Current status: Eligible Customers Only
Settlement asset: USD
Eligible parties: Fully verified Paxos customers served by Paxos Digital Singapore or Paxos Issuance Europe where the applicable entity and jurisdiction permit USDG issuance or redemption.
Retail access: Customer Account and Identity Verification Required
Institutional access: Eligible Paxos Customers Direct
Minimum amount: Paxos may require a redemption minimum equal to the applicable bank wire fee; the minimum may change and redemptions are rounded down to the nearest U.S. cent.
Fee: Paxos states that it does not charge a USD Stablecoin redemption fee, while banking, wallet, transfer, account, or other third-party fees may apply.
Settlement time: Paxos states that U.S.-dollar withdrawals may take up to two days, with larger withdrawals potentially taking substantially longer; compliance review may also delay processing.
Regional limits: Only verified Paxos customers may redeem directly., Service availability depends on residence and the Paxos entity with which the customer is registered., Paxos may refuse or suspend issuance or redemption for compliance, account, legal, or platform reasons.

Reserve and attestation history

Date	Publisher	Type	Assets covered	Record confidence
2026-06-05	Global Dollar Network	Issuer or Network Disclosure Reference	Cash, Cash Equivalents, Not yet recorded	Medium
2026-06-05	Paxos	Issuer Disclosure Reference	Cash, Cash Equivalents, Not yet recorded	Low

Global Dollar Network

2026-06-05

Type: Issuer or Network Disclosure Reference
Assets covered: Cash, Cash Equivalents, Public information incomplete
Record confidence: Medium

Public information incomplete

Unknown or unresolved

Standard: Not yet recorded
Deployment type: Issuer- or institution-supported deployment
Contract or identifier: Identifier not recorded

Technical, canonicality, and control fields

Network record state: Network source review needed
Canonical deployment type: Issuer or Network Supported Token
Recorded status: Not yet recorded
Change or proposal state: No separate change state recorded
Canonicality: Issuer-native deployment
Canonicality record state: Canonicality recorded
Verification state: Source-linked record; identifier not recorded
Contract identity state: Identifier not recorded
Freeze: Not yet recorded
Blacklist: Not yet recorded
Control events: 0
Notes: USDG supported chains, canonical contracts, and issuer/network support level need exact documented review. Keep chain coverage as unknown until Global Dollar Network or issuer docs provide a durable reference.

Regulatory and official notices

Date	Title	Authority / publisher	Type	Summary
No regulatory notes have been added yet.

No regulatory notes have been added yet.

Evidence

Publisher, provenance, supported claims, archive state, reliability, and publication date remain separate.

2 source identities · 3 evidence relations
Source	Publisher	Source category	Provenance	Primary or secondary	Supported claims	Archive	Reliability
Global Dollar Network page Published Not yet recorded	Global Dollar Network	Official documentation or product page Canonical: Issuer or Network Page	Subject-controlled source	Primary source	USDG overview, backing, redemption, reserve and network context, Network participation, partner model, reward or network economics context, and public documentation entry point	No archive recorded	Medium
Paxos USDG page Published Not yet recorded	Paxos	Official documentation or product page Canonical: Issuer Page	Subject-controlled source	Primary source	USDG issuer, reserve, redemption, and jurisdiction context	No archive recorded	Medium

Official documentation or product page

Global Dollar Network page

Medium

Publisher: Global Dollar Network
Published: Not yet recorded
Provenance: Subject-controlled source
Primary or secondary: Primary source
Supported claims: USDG overview, backing, redemption, reserve and network context, Network participation, partner model, reward or network economics context, and public documentation entry point
Archive: No archive recorded
Reliability: Medium

Official documentation or product page

Paxos USDG page

Medium

Publisher: Paxos
Published: Not yet recorded
Provenance: Subject-controlled source
Primary or secondary: Primary source
Supported claims: USDG issuer, reserve, redemption, and jurisdiction context
Archive: No archive recorded
Reliability: Medium

Known unknowns

Known unknowns and coverage

Missing or disputed facts remain visible instead of being converted into certainty.

Open questions

Topic	What remains unclear	Value state	Priority	Last checked
Issuer Entity	Paxos Digital Singapore Pte. Ltd. and Paxos Issuance Europe Oy are now recorded as joint legal issuers. The effective start date of the European issuer role and token-level provenance between the two issuing entities remain unresolved.	Unknown after review	Low	2026-07-14
Reserve Report History	USDG reserve report source and period-level reserve reporting history need exact documented entries before SOG displays a reserve timeline.	Unknown after review	Medium	2026-06-05
Redemption Path	Direct one-to-one redemption is limited to verified Paxos customers and may be routed through Paxos Digital Singapore or Paxos Issuance Europe. Exact availability by residence, registered Paxos entity, account state, current minimum schedule, and banking route remains variable under the current terms.	Unknown after review	Low	2026-07-14
Chain Contracts	USDG supported chains, canonical contract addresses, and issuer-supported deployment status need official source review before final chain coverage is displayed.	Unknown after review	Medium	2026-06-05
Network Partners	Global Dollar Network partner roles, partner incentives, public partner list, and network economics need source-specific documentation before they are modeled as stablecoin lifecycle facts.	Unknown after review	Low	2026-06-05

Issuer Entity

Paxos Digital Singapore Pte. Ltd. and Paxos Issuance Europe Oy are now recorded as joint legal issuers. The effective start date of the European issuer role and token-level provenance between the two issuing entities remain unresolved.

Value state: Unknown after review
Priority: Low
Last checked: 2026-07-14

Reserve Report History

USDG reserve report source and period-level reserve reporting history need exact documented entries before SOG displays a reserve timeline.

Value state: Unknown after review
Priority: Medium
Last checked: 2026-06-05

Redemption Path

Direct one-to-one redemption is limited to verified Paxos customers and may be routed through Paxos Digital Singapore or Paxos Issuance Europe. Exact availability by residence, registered Paxos entity, account state, current minimum schedule, and banking route remains variable under the current terms.

Value state: Unknown after review
Priority: Low
Last checked: 2026-07-14

Chain Contracts

USDG supported chains, canonical contract addresses, and issuer-supported deployment status need official source review before final chain coverage is displayed.

Value state: Unknown after review
Priority: Medium
Last checked: 2026-06-05

Network Partners

Global Dollar Network partner roles, partner incentives, public partner list, and network economics need source-specific documentation before they are modeled as stablecoin lifecycle facts.

Value state: Unknown after review
Priority: Low
Last checked: 2026-06-05

Lifecycle

History

Current classification remains separate from dated changes and incidents.

Model and lifecycle changes

No separate model-change event is currently recorded.

Event timeline

Date	Event	Category	Subtype	Status effect	Recovery
2024-11-04	Global Dollar launch context	Launch and introduction	Launch	No lifecycle change	Not applicable

Related records and corrections

Corrections and further reading

Open connected records, methodology, machine-readable data, or report a correction.

Use these explainers to compare the legal, regulatory, reserve, redemption, or distribution questions connected to this record.

USDGGlobal Dollar

Identity and current state

Paxos Digital Singapore Pte. Ltd.

Paxos Issuance Europe Oy

Global Dollar Network

How the asset works

Reserve and redemption

Reserve components

Global Dollar Network

Paxos

Deployments and legal context

Public information incomplete

Evidence

Global Dollar Network page

Paxos USDG page

Known unknowns and coverage

Issuer Entity

Reserve Report History

Redemption Path

Chain Contracts

Network Partners

History

Model and lifecycle changes

Corrections and further reading

After MiCA: Which Stablecoins Can Europeans Actually Use?

GENIUS Act and Stablecoins

Open USD Explained: Who Gets the Reserve Income?

Network	Standard	Deployment type	Operational state	Contract or identifier
Not yet recorded	Not yet recorded	Issuer- or institution-supported deployment	Unknown or unresolved	Identifier not recorded
Technical, canonicality, and control fields Network record state Network source review needed Canonical deployment type Issuer or Network Supported Token Recorded status Not yet recorded Change or proposal state No separate change state recorded Canonicality Issuer-native deployment Canonicality record state Canonicality recorded Verification state Source-linked record; identifier not recorded Contract identity state Identifier not recorded Freeze Not yet recorded Blacklist Not yet recorded Control events 0 Notes USDG supported chains, canonical contracts, and issuer/network support level need exact documented review. Keep chain coverage as unknown until Global Dollar Network or issuer docs provide a durable reference.