OKX Joins Global Dollar Network, Expanding Stablecoin Offerings
Deal News | Jul 23, 2025 | Raptor Capital Management LP
Crypto exchange OKX has become a part of the Global Dollar Network, a consortium pushing Paxos' USDG stablecoin, thus extending its support to more regulated digital dollars. The Global Dollar Network consists of several influential partners, including major firms such as Robinhood and Kraken. With the USDG stablecoin regulated by Singapore's financial authority and expanding into Europe, OKX's 60 million users will now have increased access to USDG trading and transfers. Although USDG is relatively new with a supply of $356 million, Paxos is seeking to leverage regulatory frameworks to boost its adoption. The token is supported by reserves held at Singapore's DBS Bank and aims to align itself with regulatory standards, unlike some of its less-regulated competitors. Request for comments by Cointelegraph on the availability of USDG in unapproved jurisdictions went unanswered.
Sectors
- Cryptocurrency
- Financial Services
Geography
- Singapore – Paxos' USDG stablecoin is regulated by the Monetary Authority of Singapore and has reserves held by DBS Bank.
- Global – OKX operates globally, offering its services to 60 million users worldwide, and is part of the Global Dollar Network.
- European Union – USDG has expanded into the European Union under the Markets in Crypto-Assets (MiCA) framework.
Industry
- Cryptocurrency – The article discusses cryptocurrency exchanges, specifically the adoption and promotion of the USDG stablecoin by Paxos, and participation of OKX.
- Financial Services – The involvement of financial institutions like DBS Bank and the regulatory aspects discussed indicate a connection to banking and financial services.
Financials
- $356 million – The total circulating supply of the USDG stablecoin.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| OKX | Partner | Company | A global cryptocurrency exchange that has joined the Global Dollar Network to facilitate USDG transactions. |
| Paxos | Issuer of USDG | Company | Financial technology company that issues the USDG stablecoin and aims to integrate it within the regulatory frameworks. |
| DBS Bank | Reserve Bank for USDG | Company | Singapore-based bank holding the reserves for the USDG stablecoin. |
| Monetary Authority of Singapore | Regulator | Government | Regulates Paxos' USDG stablecoin, ensuring it complies with Singapore’s financial regulations. |
| Global Dollar Network | Consortium | Company | A group of companies and projects including Paxos that promote the adoption of USDG stablecoin. |
| Raptor Capital Management LP | PE Firm | Company | Private equity firm associated as a financial backer for participants in the Global Dollar Network. |