The parts that make this work
What USDG is, and who issues it
USDG is a token that Paxos promises to redeem for one US dollar. It launched in November 2024 alongside the Global Dollar Network, whose founding members included Robinhood, Kraken, Galaxy Digital, Anchorage Digital, Bullish and Nuvei. Two Paxos subsidiaries issue it: Paxos Digital Singapore, licensed by the Monetary Authority of Singapore (MAS) as a Major Payment Institution on July 1, 2024, and, since July 1, 2025, Paxos Issuance Europe in Finland, an e-money institution supervised by the Finnish FIN-FSA under the EU's MiCA rules.
Paxos also issues PayPal USD (PYUSD), but from a different entity: its US national trust bank, supervised by the OCC. The two tokens share an issuer group, a reserve style and a monthly report format, and differ in who they are for and where the income goes.
A network that shares the income
A fiat stablecoin's income is the interest on its reserve. For USDG, Paxos passes most of it on: the network offers partners "up to 100 %" of the returns on the reserve assets backing the USDG held on their platform, plus payments for minting new USDG and for accepting it. In December 2025 Paxos said more than 90 % of earnings on USDG holdings had gone to partners; by September 2026 the network had more than 150 of them, including Kraken, Robinhood, OKX and Mastercard. Several exchanges pass part of that on as rewards to users who hold USDG. PYUSD works the other way round: Paxos keeps its reserve income and PayPal funds rewards for its own users. For USDC, Circle keeps the income and shares part of it with Coinbase.
Minting and redeeming
Only institutions onboarded by Paxos mint and redeem directly: they send dollars and receive newly minted USDG on the chain they choose, or send USDG back and receive dollars, one for one. Everyone else gets USDG from those partners. That arbitrage holds the price near a dollar: when USDG trades below $1, a partner can buy it and redeem it at par. On the EVM chains a mint shows up as a transfer from the zero address and a burn as a transfer to it, which is how live mode spots them.
What backs each token
Paxos publishes a redemption assets report every month. KPMG in Singapore gives it reasonable assurance for Paxos's submission to MAS, against the AICPA's 2025 stablecoin criteria and the reserve rules Paxos agreed with MAS: cash, cash equivalents, US government or multilateral-agency bonds or notes with at most three months left, and overnight repo on them with highly rated counterparties. On August 31, 2026 at 5:00 pm US Eastern it reported 3,340,650,602 USDG outstanding against $3,350,462,467 of assets, 0.29 % more.
USDG reserve, August 31, 2026
| Held in | US dollars |
|---|
| Government money market funds, nearly all held by the Singapore entity | 1,719,123,533 |
| US Treasury bills through two Singapore banks, maturing September 1 to October 1, 2026 | 1,544,391,014 |
| Cash in segregated reserve accounts in Singapore and Luxembourg | 86,947,920 |
| Total redemption assets | 3,350,462,467 |
Of the total, $14,481,566 was held in the EU for the Finnish entity, as MiCA requires. There was no repo on the report dates. The figures are published monthly and are not on-chain: live mode shows them as reported, not as they are now. Source: USDG Redemption Assets Report, August 2026 (PDF, dated September 25, 2026), linked from Paxos's USDG transparency page.
Where USDG lives
The August report counted USDG on six chains: 1,792,937,313 on X Layer, 616,582,089 on Solana, 464,539,486 on Robinhood Chain, 404,278,398 on Ethereum, 61,712,109 on Ink and 601,207 on Arbitrum One. Mantle joined on September 3, 2026. That mix follows the partners more than the chains: X Layer is OKX's network, Ink is Kraken's, and Robinhood Chain is the layer 2 Robinhood built on Arbitrum's technology and opened on July 1, 2026. Each chain has its own USDG contract that Paxos mints on directly.
A transfer is only as final as its chain
Paxos takes no part in an ordinary transfer. On Ethereum a USDG transfer is final after about two epochs of validator attestations; on Solana, when the slot is finalised. X Layer, Robinhood Chain, Ink, Arbitrum and Mantle are layer 2s: they order transactions themselves, Robinhood Chain every 100 milliseconds, and settle them to Ethereum later. The same token has as many kinds of finality as it has chains.
Regulation
USDG is issued outside the United States. The Singapore issuer follows reserve undertakings agreed with MAS in anticipation of Singapore's stablecoin framework; the Finnish issuer meets MiCA's e-money token rules on capital, segregated reserves, redemption at par and disclosure. The August report showed no frozen or otherwise non-redeemable USDG. PYUSD, by contrast, is issued by Paxos's US trust bank, which will be subject to the GENIUS Act.
What live mode shows, and what the animation simplifies
Live mode reads all seven chains straight from public nodes every 10 to 60 seconds and adds them up. On Ethereum it reads every new block's USDG transfers, which gives the transfer rate, volume and every mint and burn; on X Layer, Robinhood Chain and Ink it polls for mints and burns every 12 seconds; on Solana, Arbitrum and Mantle it shows a change in supply between two readings as a net mint or burn. Every figure is real except the reserve, which comes from the latest monthly report and is labelled with its date. The animation draws two issuers' reserves as one vault and each chain as a small ring of wallets, and partner payouts as flashes; how much each partner receives isn't published. Step-by-step mode starts from an illustrative billion. Read Paxos's USDG documentation for addresses and details.