Global Dollar Network, founded by Paxos, Robinhood and others, adds 19 new members to grow adoption of its Solana-based USDG stablecoin

The Global Dollar Network (GDN), a stablecoin consortium co-founded by Paxos, Robinhood, Kraken, Anchorage Digital, Galaxy Digital, Bullish and Nuvei, has added 19 new members as it pushes to grow adoption of its U.S. dollar-backed stablecoin, USDG.

The newest members include crypto exchange BitMart, crypto custodian Zodia Custody, wallet provider Arculus and stablecoin payments firms Beam, FOMO Pay, AlfredPay and Noah, GDN said Monday. Crypto trading platforms CoinMENA, Rain, and Bitwyre, Turkish platforms BiLira and Paribu, Philippines-based exchange PDAX, London-based payments firm Orbital and crypto infrastructure providers Aquanow, Caliza, Rakkar Digital, Sling Money, and August Digital have also joined, GDN added.

While not high-profile, the new members mark GDN’s growing regional footprint. A source with direct knowledge of the matter told The Block that GDN is in talks with additional firms and expects big-name companies to join once there’s more regulatory clarity. Payments giant Visa was reportedly set to join GDN, but has not yet signed on.

U.S. stablecoin legislation remains in flux. Last week, the GENIUS Act — a major stablecoin bill — failed a Senate vote amid renewed political tension following President Donald Trump’s deepening involvement in the crypto space. Still, there’s optimism that a bipartisan deal may be reached soon.

“We’re optimistic that the Senate can work toward a resolution and find a path forward with GENIUS,” Walter Hessert, head of strategy at Paxos, told The Block. “Having a federal framework in place will drive adoption of stablecoins like USDG and accelerate the growth of GDN.”

What is GDN and how does USDG work?

GDN was launched in November 2024 to create a new stablecoin alliance structured to reward partners for driving adoption. At its center is USDG, a dollar-backed stablecoin issued by Paxos Digital Singapore. It is “substantively compliant” with Singapore’s upcoming stablecoin regulations and currently operates on the Solana blockchain.

Multi-chain expansion for USDG is on the roadmap, Hessert said, though he didn’t disclose which additional blockchains GDN is considering.

USDG’s current total supply is around $285 million, according to CoinGecko. While new stablecoins have historically struggled to gain market share in a space dominated by Tether and Circle, GDN believes its economic model gives it an edge by redistributing nearly all reserve revenue back to network partners.

“Legacy models centralized all the economic value with the issuers. They held all the reserves so therefore retained all the revenue from the yield on those assets,” Hessert said. “There are so many companies that want to get into stablecoins, but they want their fair share of economics for driving adoption of the stablecoin. This is where Global Dollar Network comes in — as we offer proportionate economics to partners for their participation in driving adoption of USDG.”

USDG rewards are calculated using a proprietary “rewards attribution technology” and paid out monthly based on partner activities like custody, minting and acceptance, Hessert added.

Still, GDN’s model focuses on rewarding partners, not end users. That differs from the fast-growing category of yield-bearing stablecoins or tokenized dollars like Ethena’s USDe, BlackRock’s BUIDL and Ondo’s USDY. These make up just 6% of the market today but could grow to 50%, JPMorgan analysts recently predicted.

With the latest 19 additions, GDN now has over 25 partners. Hessert said the network’s current footprint gives USDG access to more than 42 million users globally. He expects the stablecoin’s total supply to grow “by a few magnitudes“ by year-end as adoption picks up.

“We are still early in this network and are excited to see what use cases the open nature of the network enables,“ Hessert said.

Stablecoins remain one of crypto’s biggest opportunities — potentially a trillion-dollar market, as The Block reported recently. But widespread adoption, many experts said, depends on regulatory clarity.