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Is Global Dollar (USDG) a security?

#34 by market cap · Last updated Oct 19, 2026 (evidence re-checked)
$1.00 ▲ 0.00%Mkt cap $3.1B

At a glance

Payment stablecoin
  • Confidence
  • US exchange accessNot on Coinbase US list
  • Regulator (if enacted)GENIUS Act regulators (OCC / states)
  • Evidence6 sources · 3 official

Is USDG a regulated payment stablecoin?

Likely a payment stablecoin under the GENIUS Act, with confidence capped at Medium until the Act takes effect.

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What this means for you

GENIUS Act rules are still being written. From the expected effective date (Jan 18, 2027), US platforms may only offer payment stablecoins that meet the Act's issuer rules. Check whether your platform will keep supporting this one.

What should I do if my token is "stablecoin"? →

Stablecoin law 3Background 1Exchange listing 1Regulator 13 official3 third-party

Why this status

  • R1: centralized USD stablecoin; GENIUS Act framework applies (law since Jul 18, 2025; expected effective Jan 18, 2027).
  • Issuer is outside the US, so US availability depends on foreign-issuer rules (from Jan 2027) and licensed-issuer rules (from Jul 2028). Capped at Medium.

Decentralisation ("mature blockchain" test): Centrally issued by a single issuer (issuer-controlled, by design).

Evidence (6 sources)

3 official
  1. BackgroundThird-partyOct 19, 2026 · CoinGecko

    Project description: Global Dollar (USDG) is a single-currency stablecoin pegged to the US dollar.

    CoinGecko: Global Dollar ↗
  2. Stablecoin lawThird-partyOct 19, 2026 · Paxos / Global Dollar

    USDG is issued by Paxos Digital Singapore (supervised by the Monetary Authority of Singapore) and by Paxos Issuance Europe (Finland, MiCA). It is issued outside the US.

    Global Dollar: About USDG ↗
  3. Exchange listingThird-partyAbsent / not foundOct 19, 2026 · Coinbase

    USDG does not appear on Coinbase's 'US (incl. NY) Trading Assets' list (other US platforms not checked).

    Coinbase Digital Asset Disclosures: 'US (incl. NY) Trading Assets' list ↗
  4. RegulatorOfficial sourceAbsent / not foundMar 23, 2026 · Federal Register (SEC & CFTC)

    USDG is not among the SEC's named examples of digital commodities in the March 2026 interpretation.

    SEC interpretation (with CFTC guidance): Application of the Federal Securities Laws to Certain Types of Crypto Assets, Release 33-11412 ↗
  5. Stablecoin lawOfficial sourceMar 2, 2026 · Federal Register (OCC)

    GENIUS Act implementing rules are still proposed, not final.

    OCC proposed rule implementing the GENIUS Act (not final) ↗
  6. Stablecoin lawOfficial sourceJul 18, 2025 · Congress.gov

    Payment stablecoins are governed by the GENIUS Act (law since Jul 18, 2025; expected effective Jan 18, 2027).

    GENIUS Act (S. 1582) signed into law, Public Law 119-27 ↗

Rules by country

🇺🇸United States
Stablecoin

Payment stablecoin (ClarityCheck estimate, medium confidence). The CLARITY Act is not law, so today the SEC's and CFTC's existing frameworks apply. The GENIUS Act (signed Jul 18, 2025) takes effect by Jan 18, 2027 at the latest.

🇪🇺European Union (MiCA)
MiCA e-money token issuer listed

Paxos Issuance Europe Oy (Finland) is listed in ESMA's interim MiCA register as an e-money token issuer, with a published MiCA white paper ↗. ESMA register ↗

🇬🇧United Kingdom (FCA)
Firm rules from Oct 25, 2027

The UK's new FCA cryptoasset regime starts on Oct 25, 2027. Firms can apply from Sept 30, 2026 until Feb 28, 2027. There's no token-by-token classification list; the rules apply to the firms that offer the token. FCA ↗

USDG questions

Is Global Dollar (USDG) a security?

A payment stablecoin issued by a permitted issuer is excluded from the definition of "security" by the GENIUS Act (Section 17). ClarityCheck rates USDG as a likely payment stablecoin (medium confidence). The Act takes effect by Jan 18, 2027 at the latest. Not legal advice.

Can I buy USDG on US exchanges?

US access: Not on Coinbase US list. Availability can differ by state and by exchange. See our exchange safety checker.

What would the CLARITY Act change for USDG?

GENIUS Act rules are still being written. From the expected effective date (Jan 18, 2027), US platforms may only offer payment stablecoins that meet the Act's issuer rules. Check whether your platform will keep supporting this one.

How reliable is this USDG status?

Confidence is Medium. It comes from fixed rules applied to 6 cited sources (checked Oct 19, 2026), not from opinion. Statuses can change as courts, regulators and Congress act.

Change log

4 entries
  1. Status review
    Evidence-based review: status set to 'Payment stablecoin (GENIUS Act)' (Medium confidence) using ClarityCheck rules. Replaces earlier illustrative demo data.
  2. USDG is not among the SEC's named examples of digital commodities in the March 2026 interpretation. Source ↗
  3. GENIUS Act implementing rules are still proposed, not final. Source ↗
  4. Payment stablecoins are governed by the GENIUS Act (law since Jul 18, 2025; expected effective Jan 18, 2027). Source ↗

Snapshot Oct 19, 2026 · Prices by CoinGecko