CashboardGlossary · Stablecoins
What is USDG?
USDG, or Global Dollar, is a Paxos-issued US dollar stablecoin redeemable one for one, and the dollar Lighter's Robinhood Chain exchange quotes in.
How does USDG work?
Paxos introduced USDG on November 1, 2024. Paxos Digital Singapore issues it under the Monetary Authority of Singapore, and since July 1, 2025 Paxos Issuance Europe has issued it in the EU under MiCA. Paxos has to back it with dollar deposits, short-dated US government securities and similar cash equivalents, and each token can be redeemed with Paxos for one dollar.
Where the yield goes is what sets it apart. USDG sits at the center of the Global Dollar Network, announced in November 2024 with Anchorage Digital, Bullish, Galaxy Digital, Kraken, Nuvei, Paxos and Robinhood as its first members. Platforms in the network earn from the reserves behind the USDG they hold, up to 100% of those returns in the network's own words. That gives exchanges and wallets a reason to push it. What reaches an individual holder is up to each platform.
On Robinhood Chain, USDG is an ERC-20 with 6 decimals, moved between chains through LayerZero, as on its other networks. It is the quote asset of Lighter's Robinhood Chain exchange and counts at full value as margin there, and Robinhood Earn lets people lend it from a self-custody wallet. It cannot pay gas, though. Fees on the chain are in ETH. In DefiLlama's data for September 23, 2026, USDG was about two thirds of all stablecoins on Robinhood Chain.
The 6 decimals trip people up in raw data. Say a transfer moves 19,000,000 base units. As USDG, that is 19 tokens. As an 18-decimal Stock Token, the same count is 0.000000000019 of one token.
Also called: Global Dollar, Global Dollar USDG, Paxos USDG.
Where does USDG show up in Cashboard?
The Spot view of Robinhood perps lists Lighter's Robinhood Chain spot books, which are quoted in USDG, SPY/USDG for one. Stablecoin risk ranks stablecoins by circulating supply from DefiLlama, with peg deviation, supply changes and top chains, so you can see where USDG sits next to USDT and USDC. And Cashboard Desktop for Windows can be bought with USDG on Robinhood Chain: $199 once, sent by hand from your own wallet as an exact amount a fraction of a cent above 199 USDG, which ties the transfer to your order.
Frequently asked questions
Who issues USDG?
Paxos. Paxos Digital Singapore issues it under the Monetary Authority of Singapore, and Paxos Issuance Europe issues it in the EU under MiCA, supervised by Finland's FIN-FSA. Paxos Trust Company in the US issues PYUSD, USDP and PAXG, not USDG.
What is the USDG contract address on Robinhood Chain?
0x5fc5360D0400a0Fd4f2af552ADD042D716F1d168, the address in both Paxos's and Robinhood's docs, with 6 decimals. A token called USDG at any other address on the chain is not Paxos's.
Related terms
Last reviewed . Market data in Cashboard comes from the providers named on each widget and may be delayed. Nothing here is financial advice.