OKX has officially joined the Paxos-led Global Dollar Network in a move that could reshape the stablecoin landscape. The crypto exchange, which boasts over 60 million users worldwide, will now offer USDG — Paxos’ US dollar-backed stablecoin — for trading and transfers on its platform.

USDG, launched in November 2023, is issued by Paxos with reserves held at DBS Bank and regulated by Singapore’s Monetary Authority. Although its circulating supply stands at just $356 million, Paxos is positioning USDG as a fully regulated alternative to dominant stablecoins like USDC and Tether. The coin has already expanded into Europe under the EU’s new MiCA crypto framework.

OKX’s adoption of USDG signals a strategic push to broaden the reach of regulated digital dollars. The exchange already supports major stablecoins but sees value in diversifying into a compliant, emerging asset like USDG. The move could boost adoption among both institutional and retail users seeking safer, regulated options for transactions and liquidity.

The Global Dollar Network includes major players like Kraken, Robinhood, Standard Chartered, Anchorage Digital, Beam, and DBS — all aligned with Paxos’ mission to build a globally compliant dollar-backed network.

Stablecoins have surged to become one of crypto’s most important innovations, with over $250 billion in market cap. In the West, they’re used for settlements and liquidity, while in emerging markets they’re a hedge against local currency instability. Growing institutional interest — especially in the U.S. after the GENIUS Act passed the Senate — has drawn attention from companies like Apple and Elon Musk’s X, which are reportedly exploring stablecoin integrations.