Visa Joins USDG Stablecoin Consortium

Visa has joined the Global Dollar Network consortium, which backs the USDG stablecoin, according to CoinDesk, citing its own sources.

Established in November 2024, the organization initially included Anchorage Digital, Bullish, Galaxy Digital, Kraken, Nuvei, Robinhood, and Paxos.

The latter acted as the issuer of the “stable coin.” The custodian of USDG reserves is DBS Bank, the largest bank in Southeast Asia, and the token is regulated by the Monetary Authority of Singapore.

A distinctive feature of USDG is the distribution of income among network participants (not end users). A company’s profit size depends on its contribution to the asset’s development.

According to CoinGecko, Global Dollar’s capitalization is $245.7 million. The coin ranks in the third hundred among cryptocurrencies and in the third dozen within the stablecoin segment.

USDG, for instance, trails behind launched in December 2024 RLUSD from Ripple with $294 million. PYUSD from PayPal, operational since August 2023, already has a market offering of $890 million.

Earlier, FT suggested that global banks and fintech companies have entered a “stablecoin race.”