Global Dollar (USDG) Review
Supervised in Singapore and under MiCA in Europe
of 10
USDG is issued by Paxos Digital Singapore, a Major Payments Institution supervised by the Monetary Authority of Singapore, with a European issuer operating under FIN FSA supervision and MiCA compliance. Reserve reports are monthly but thinly described.
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Issuer (Asia)
Paxos Digital Singapore Pte. Ltd.
Supervision
Major Payments Institution, Monetary Authority of Singapore
Issuer (Europe)
Paxos Issuance Europe, FIN FSA supervision, MiCA compliant
Redemption
1:1 from Paxos for US dollars
Reporting
Monthly reserve reports
Scores
Each criterion carries equal weight. The overall score is the average of these 5 scores — (7.0 + 10.0 + 9.0 + 6.0 + 8.0) ÷ 5 = 8.0.
Pros
- Issuer supervised by the Monetary Authority of Singapore as a Major Payments Institution
- Separate European issuance entity under FIN FSA supervision and MiCA
- Fully redeemable from Paxos on a one-to-one basis for US dollars
- Regulatory footing is stated jurisdiction by jurisdiction
Cons
- Monthly reserve reports are referenced but the attesting firm and methodology are not described
- Custodians are not named
- Reserve composition is not broken down on the page we checked
Regulated in two regimes, explicitly
USDG names its issuing entities and their supervisors: Paxos Digital Singapore as a Major Payments Institution under the Monetary Authority of Singapore, and a European issuer under FIN FSA supervision operating in compliance with MiCA. Very few stablecoins set out their regulatory position that precisely, and it is the strongest part of this entry.
Redemption is unambiguous
The token is stated to be fully redeemable from Paxos on a one-to-one basis for US dollars.
Reserve disclosure lags the licensing
Monthly reserve reports are referenced, but the page does not name an attesting firm, describe the methodology, or break down what the reserves consist of. Against issuers publishing instrument-level detail, that is thin, which is why transparency scores well below oversight here.
How it compares
Ethena USDe
Synthetic dollar, and says so
Sky USDS
Crypto-collateralised with public collateral data
Tether (USDT)
The largest supply, the thinnest disclosure cadence
First Digital USD (FDUSD)
Bankruptcy-segregated reserves in a Hong Kong trust
PayPal USD (PYUSD)
Regulated issuer behind a consumer brand
Pax Dollar (USDP)
Cash-only reserves with unconditional redemption
USD Coin (USDC)
Instrument-level reserve disclosure
Ripple USD (RLUSD)
Dual regulatory approval with a named custodian
Gemini Dollar (GUSD)
Named auditor, named regulator, named custodians
Sources
Scored from published primary sources rather than hands-on use. Every figure above comes from one of the pages below, on the date shown. Manufacturers change prices and specifications without notice — if something here no longer matches the source, tell us and we will correct it.
Frequently asked questions
Who issues USDG?
Paxos Digital Singapore Pte. Ltd. issues USDG, supervised by the Monetary Authority of Singapore as a Major Payments Institution; Paxos Issuance Europe issues it in Europe under FIN FSA supervision and MiCA.
Can USDG be redeemed for dollars?
The official page states USDG is fully redeemable from Paxos on a one-to-one basis for US dollars.
Nothing here is financial advice. Editorial policy · How we score · How we're funded.