The Paxos-backed stablecoin is growing quickly as investors pile in to take advantage of the network’s revenue sharing.
Global Dollar (USDG), a U.S. dollar-backed stablecoin from Paxos, has nearly doubled its market capitalization since the beginning of the month to surpass $500 million.
The stablecoin, which launched in Q4 2024, has grown nearly 1700% since the beginning of the year, and is up 50% over just the last week to a $536 million valuation.
The stablecoin’s growth is likely fueled by the Global Dollar Network’s (GDN) revenue-sharing model, which distributes up to 100% of network revenue to ecosystem partners. The network announced that it reached 25 members in May, featuring prominent firms like Robinhood, Kraken, and Galaxy Digital.
The GDN was founded by many of these partners, and Visa announced its integration of USDG on its settlement platform on July 31, furthering institutional interest and adoption of USDG.
The stablecoin is the 17th largest by market capitalization according to DeFiLlama and boasts the highest growth over the last week among the top 50 stablecoins.
