Global Dollar (USDG)

Paxos issues this dollar token — a supervised issuer known for other reserve-backed instruments. Every unit in circulation is matched by dollar assets, and the reserve composition is disclosed in regular reporting.

What sets it apart from its sector peers is how the income is split. The project is organised around a network of participants who receive a share of the interest earned on reserves in proportion to the circulation they bring: exchanges, wallets and payment services are paid for supporting the token and keeping it on their books. That income normally stays entirely with the issuer, and it is what the economics of the largest stablecoins rests on.

Technically it is a contract deployed on several chains, with no blockchain of its own. The dollar peg rests on redemption at par through the issuer rather than on a market mechanism, so the token's soundness reduces to the soundness of the issuing company and its reserves.

Sharing the reserve income is a competitive answer to the fact that the largest issuers earn the interest while giving nothing to the venues that keep the token circulating.