Stabledash

Ecosystem

Global Dollar Network Surpasses 100 Partners as USDG Stablecoin Crosses $1 Billion Market Cap

Global Dollar (USDG) Hits $1B Market Cap, Network Surpasses 100 Partners

December 4, 2025

Companies mentioned:

Global Dollar Network

Paxos

Kamino Finance

WalletConnect

Transak

Quick Take

USDG crosses $1 billion milestone with 10x monthly active user growth in one quarter
Over 100 global partners joined, including OKX, Kraken, Gemini, Gate.io and Bullish
90% of stablecoin earnings distributed directly to network partners driving rapid adoption

December 4, 2025 – The Global Dollar Network (GDN), a consortium-backed initiative to build an open, enterprise-grade digital dollar, announced today that its flagship USD-backed stablecoin, Global Dollar (USDG), has exceeded $1 billion in market capitalization while the network has grown to more than 100 participating institutions worldwide.

The milestone comes just months after the network’s public launch and marks one of the fastest ramps to billion-dollar scale for a regulated stablecoin outside the two dominant incumbents.

Key highlights from the announcement:

Active monthly users of USDG grew 10× in the past quarter.

More than 90% of all interest and reward earnings generated on USDG holdings were distributed directly to network partners.

Partners earn revenue by minting, holding, or accepting USDG — creating aligned incentives across the ecosystem.

Wave of new partners Recent additions span exchanges, market makers, DeFi protocols, infrastructure providers, and payment companies, including:

Exchanges & liquidity: Archax, B2C2, Bitnet, Gate.io, Gemini, KuCoin, OKX, SwissBorg, Wintermute

DeFi & blockchain: Aleo, Marinade, ONre, Solstice Labs

Payments & fintech: Alpaca, AMINA Bank, Orbi Payments, Toku, Yellow Card

Infrastructure: Tangem, Transak, WalletConnect

Real-world use cases gaining traction

USDG is now being used across multiple verticals:

Earn programs: AMINA Bank, Gate, Kraken, Luno, and OKX pay weekly yields on USDG deposits.

Trading & collateral: OKX added USDG as margin collateral; extensive trading pairs launched on KuCoin, Bilira, and SwissBorg.

Corporate treasury: Bullish received a portion of its recent IPO proceeds in stablecoins, with USDG among the chosen assets.

Tokenized asset settlement: Alpaca and Kraken use USDG as the preferred settlement currency for tokenized equities.

DeFi integration: USDG is live as a core stable asset on Kamino, JupLend, Loopscale, Marinade, and others; Paxos Labs launched USDG0 to extend interoperability.

Deeper liquidity has been supported by market makers Keyrock, B2C2, and JST Digital, while OKX introduced a unified USD order book that pools USDG with other dollar assets for tighter spreads.

Stabledash

Ecosystem

Global Dollar Network Surpasses 100 Partners as USDG Stablecoin Crosses $1 Billion Market Cap

Global Dollar (USDG) Hits $1B Market Cap, Network Surpasses 100 Partners

December 4, 2025

Companies mentioned:

Global Dollar Network

Paxos

Kamino Finance

WalletConnect

Transak

Quick Take

USDG crosses $1 billion milestone with 10x monthly active user growth in one quarter
Over 100 global partners joined, including OKX, Kraken, Gemini, Gate.io and Bullish
90% of stablecoin earnings distributed directly to network partners driving rapid adoption

The milestone comes just months after the network’s public launch and marks one of the fastest ramps to billion-dollar scale for a regulated stablecoin outside the two dominant incumbents.

Key highlights from the announcement:

Active monthly users of USDG grew 10× in the past quarter.

More than 90% of all interest and reward earnings generated on USDG holdings were distributed directly to network partners.

Partners earn revenue by minting, holding, or accepting USDG — creating aligned incentives across the ecosystem.

Wave of new partners Recent additions span exchanges, market makers, DeFi protocols, infrastructure providers, and payment companies, including:

Exchanges & liquidity: Archax, B2C2, Bitnet, Gate.io, Gemini, KuCoin, OKX, SwissBorg, Wintermute

DeFi & blockchain: Aleo, Marinade, ONre, Solstice Labs

Payments & fintech: Alpaca, AMINA Bank, Orbi Payments, Toku, Yellow Card

Infrastructure: Tangem, Transak, WalletConnect

Real-world use cases gaining traction

USDG is now being used across multiple verticals:

Earn programs: AMINA Bank, Gate, Kraken, Luno, and OKX pay weekly yields on USDG deposits.

Trading & collateral: OKX added USDG as margin collateral; extensive trading pairs launched on KuCoin, Bilira, and SwissBorg.

Corporate treasury: Bullish received a portion of its recent IPO proceeds in stablecoins, with USDG among the chosen assets.

Tokenized asset settlement: Alpaca and Kraken use USDG as the preferred settlement currency for tokenized equities.

Deeper liquidity has been supported by market makers Keyrock, B2C2, and JST Digital, while OKX introduced a unified USD order book that pools USDG with other dollar assets for tighter spreads.

Global Dollar Network Surpasses 100 Partners as USDG Stablecoin Crosses $1 Billion Market Cap

Share

USDG crosses $1 billion milestone with 10x monthly active user growth in one quarter

Over 100 global partners joined, including OKX, Kraken, Gemini, Gate.io and Bullish

90% of stablecoin earnings distributed directly to network partners driving rapid adoption

Dfns Launches Payouts: Turn Stablecoins into Local Fiat in 94 Countries with One Normalized Workflow

Crossmint Partners with Western Union to Support USDPT Stablecoin and Digital Asset Network on Solana

Kraken Financial Becomes First Digital Asset Bank to Secure Federal Reserve Master Account

Don't Miss the Next Big Shift

Sign up

Subscribe

Follow us

Subscribe

Global Dollar Network Surpasses 100 Partners as USDG Stablecoin Crosses $1 Billion Market Cap

Share

USDG crosses $1 billion milestone with 10x monthly active user growth in one quarter

Over 100 global partners joined, including OKX, Kraken, Gemini, Gate.io and Bullish

90% of stablecoin earnings distributed directly to network partners driving rapid adoption

Dfns Launches Payouts: Turn Stablecoins into Local Fiat in 94 Countries with One Normalized Workflow

Crossmint Partners with Western Union to Support USDPT Stablecoin and Digital Asset Network on Solana

Kraken Financial Becomes First Digital Asset Bank to Secure Federal Reserve Master Account

Don't Miss the Next Big Shift

Sign up

Subscribe

Follow us

Subscribe