Visa Joins Global Dollar Network Consortium Behind USDG Stablecoin

Visa has joined the consortium behind the USDG stablecoin, known as the Global Dollar Network. This news was reported by CoinDesk, citing its own sources.

The organization, established in November 2024, initially comprised Anchorage Digital, Bullish, Galaxy Digital, Kraken, Nuvei, Robinhood, and Paxos. Paxos serves as the issuer of the stablecoin, while the largest bank in Southeast Asia, DBS Bank, acts as the custodian of USDG reserves. The token is regulated by Singapore’s Monetary Authority.

A distinctive feature of USDG is its revenue-sharing model among network participants, rather than end-users. The company’s profits depend on its contribution to the asset’s development.

According to CoinGecko, the market capitalization of the Global Dollar stands at $245.7 million. In terms of ranking, the coin is positioned in the lower tier of the top three hundred cryptocurrencies and the thirties among stablecoins.

For comparison, USDG is outshined by RLUSD from Ripple, which launched in December 2024 and boasts a market cap of $294 million. Meanwhile, the PYUSD from PayPal, operational since August 2023, has already reached a market offering of $890 million.

It’s worth noting that the Financial Times believes that global banks and fintech firms have entered a «stablecoin race.»