Paxos Launches USDG Stablecoin in Europe with Support from Robinhood, Kraken, and Mastercard

Paxos has officially launched its fully regulated US dollar-backed stablecoin, Global Dollar (USDG), in the European Union — marking a major step forward in the adoption of compliant digital assets across the region.

Regulated under the EU’s Markets in Crypto-Assets (MiCA) framework, the Finnish Financial Supervisory Authority (FIN-FSA), and the Monetary Authority of Singapore (MAS), USDG is now accessible to over 450 million consumers in 30 EU countries. It forms part of the Global Dollar Network (GDN), a collaborative ecosystem backed by major players including Kraken, Robinhood, Mastercard, and Anchorage Digital.

“Major day for the Global Dollar Network, as USDG becomes one of just two global stablecoins fully MiCA-compliant,” said Walter Hessert, Head of Strategy at Paxos.

Designed to promote global adoption of stablecoins, USDG provides a regulated and interoperable alternative to traditional fiat-backed tokens. The asset is currently available on leading blockchain networks including Solana, Ethereum, and Ink, and is traded on platforms such as Kraken, Gate, CoinsPaid, Zodia Custody, and SwissBorg.

“As stablecoins become core infrastructure for global finance, USDG stands out for its usability and growing ecosystem,” said Mark Greenberg, Global Head of Consumer at Kraken. “Our focus is always on giving clients better tools to navigate the crypto economy, and supporting USDG's expansion into Europe helps us connect more clients to the digital dollar economy.”

Growing Interest in Stablecoins Across Europe

Demand for U.S. dollar-backed stablecoins is accelerating in Europe, driven by rising interest in digital financial instruments. Euro-pegged stablecoins have also gained momentum, with their combined market cap nearing $500 million in 2025 — a 44% increase year-to-date. USDG enters a competitive landscape currently dominated by Tether’s USDT and Circle’s USDC, which together control nearly 90% of the $160 billion global stablecoin market, according to The Block. As of now, USDG holds a market capitalization of $322 million, based on CoinGecko data.

Paxos, the issuer of USDG, also mints three other dollar-backed cryptocurrencies: USDP, PayPal’s PYUSD, and the yield-bearing USDL. Walter Hessert expressed confidence in USDG’s potential, stating, “USDG will quickly become the largest USD stablecoin in Europe.”

Powered by Global Dollar Network

As the foundation of the Global Dollar Network (GDN), USDG powers a permissionless and scalable infrastructure designed to accelerate stablecoin adoption worldwide. GDN’s strategic partners — including Mastercard, Robinhood, Worldpay, and over 20 other fintech and financial service providers — are collaborating to promote real-world use cases for compliant digital currencies.

Since its initial launch in November 2024, USDG has maintained rigorous regulatory standards, complying with MiCA in the EU and aligning with Singapore’s upcoming MAS framework. Paxos has also implemented strong safeguards to ensure USDG remains redeemable at par value across jurisdictions.

Paxos’ strong commitment to regulatory clarity and consumer protection continues to reinforce its position as a trusted leader in the blockchain industry.

Reflecting on the milestone, Walter Hessert added, “USDG is a fully regulated global USD-stablecoin that complies with MiCA, offering a secure and compliant option for digital transactions.”