The Global Dollar (USDG) stablecoin has launched in the European Union, with issuer Paxos claiming compliance with the region’s Markets in Crypto-Assets Regulation (MiCA), as well as oversight from the Finnish Financial Supervisory Authority and Singapore’s central bank.
According to a Tuesday announcement, the Paxos-issued USDG is now available in the EU through partners including major crypto exchanges Kraken and Gate. Other platforms that offer the stablecoin include Coinmetro, SwissBorg, Zodia Custody, Orbital, Hercle, CoinsPaid, Bitwyrem, Bitnet and HiFi.
Paxos issues USDG in Europe through Paxos Issuance Europe OY, a Finland-based entity overseen by the country’s Financial Supervisory Authority. The stablecoin is structured to align with MiCA regulations, with a portion of its cash reserves held in European banks. Paxos said it guarantees one-to-one redemption and adheres to MiCA’s stringent reserve and audit requirements.
Mark Greenberg, global head of consumer at Kraken, said that “as stablecoins become core infrastructure for global finance, USDG stands out for its usability and growing ecosystem.”
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Global Dollar’s infrastructure
The expansion into Europe comes alongside the broader Global Dollar Network (GDN), a stablecoin infrastructure initiative supported by Paxos, Kraken, Robinhood, Anchorage Digital, Worldpay and more than 20 additional financial and fintech companies. Mastercard recently joined the GDN initiative and announced it would support USDG, signaling interest from traditional finance.
This expansion follows the late 2024 launch of the Global Dollar Network in partnership with Robinhood, Galaxy Digital, Kraken and Paxos.
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Walter Hessert, head of strategy at Paxos, said, “Demand for stablecoins continues its rapid ascent.” According to recent data from the real-world asset (RWA) tokenization tracker RWA.xyz, stablecoins reached a $239 billion market capitalization in late June, with that figure rising to $253.85 billion at the time of writing, according to DeFiLlama.
A recent report by crypto exchange Coinbase also shows that interest in using stablecoins has tripled year-over-year since 2024. “This growth is driven by the belief among consumers and both the F500 and SMBs that stablecoins can help address some of their biggest financial pain points,” Coinbase said.
According to data from late May, $94.2 billion in stablecoin transactions were settled between January 2023 and February 2025. “Overall, stablecoins have established themselves as growing and significant components of the global payment infrastructure,” the report stated.
May data also shows that yield-bearing stablecoins have soared to $11 billion in circulation, representing 4.5% of the total stablecoin market. This indicates rapid growth, having increased from just $1.5 billion and a 1% market share at the start of 2024.
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