VENUEVERITAS

STABLECOIN EVIDENCE

USDG

Fiat-reserve backedPeg USDGlobal Dollar

Fiat-reserve USD stablecoin (Global Dollar). Not PAXG. Issued by Paxos entities; Global Dollar Network is distribution/economics, not the legal issuer.

Compare USDC vs USDGInspect primary evidence

Detail ready · Core-10 evidence

What backs this stablecoin?

Reserve composition from published evidence. Missing percentages are not inferred.

Reserve reportJul 31, 2026
AssuranceKPMG LLP (Singapore) · Assurance report
Evidence stateCurrent verifiedFresh evidence ≠ safe
  • Government money market funds1.94B USD · 56.96%
  • Obligations of U.S. Treasury1.36B USD · 40.00%
  • Cash103.44M USD · 3.04%
  • Repurchase agreements0 USD · 0.00%

Percentages derived from Exhibit B / total. Exhibit B includes Paxos Issuance Europe Oy reserves.

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Backing Flow

Holder → issuer or protocol → backing → custody or hedge → verification. Unknown links stay labeled UNKNOWN.

HolderToken holder
IssuerPaxos Digital Singapore (+ PIE reserves in Exhibit B)
BackingSegregated redemption assets
Backing assetsCash / gov MMF / U.S. Treasuries
VerificationKPMG Singapore

Can you redeem it directly?

Exchange trading is not issuer redemption.

Direct issuer redemption

Eligibility restricted

Eligible
Paxos eligible customers
KYC
Required
Minimum
Not published
Fee
Not published

Who controls what?

Who can mint, freeze, pause, upgrade, or govern — as evidence, not a safety score.

ControlPresentControllerEvidenceSource
MintYESPaxosVERIFIED—
FreezeUNKNOWNUNKNOWNUNRESOLVED—
BlacklistUNKNOWNUNKNOWNUNRESOLVED—
PauseUNKNOWNUNKNOWNUNRESOLVED—
UpgradeUNKNOWNUNKNOWNUNRESOLVED—
GovernanceUNKNOWNUNKNOWNUNRESOLVED—

Mint

YES

ControllerPaxos

Freeze

UNKNOWN

ControllerUNKNOWN

Blacklist

UNKNOWN

ControllerUNKNOWN

Pause

UNKNOWN

ControllerUNKNOWN

Upgrade

UNKNOWN

ControllerUNKNOWN

Governance

UNKNOWN

ControllerUNKNOWN

How is the backing independently checked?

Report type matters.

Assurance report

Independent assurance / examination of a reserve assertion — not “audited” shorthand.

Provider
KPMG LLP (Singapore)
Report
Independent reasonable assurance on management’s assertion
Report date
Jul 31, 2026
Covered assets
Redemption assets by asset type (Exhibit B)
Covered liabilities
USDG redeemable tokens outstanding (Exhibit A)
Scope limitation
Website-referenced information excluded; MAS-oriented dual report dates

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Reserve history

Append-only verified snapshots only. No synthetic series.

Latest verified snapshot

Jul 31, 2026

KPMG LLP Singapore — USDG Redemption Assets Report (reasonable assurance)

3.40B USD · circ 3.40B USD

Current verifiedFresh evidence ≠ safe

What does this stablecoin depend on?

Structural dependencies only.

  • Paxos issuers
  • Banking custodians
  • Government MMF
  • GDN partners (distribution, not issuer)

Answer-first evidence blocks

What backs USDG?

As of 2026-07-31: government MMF (~56.96%), U.S. Treasuries (~40.00%), cash (~3.04%), repo none — KPMG Singapore reasonable assurance.

Who issues USDG?

Paxos Digital Singapore Pte. Ltd.; Exhibit B also incorporates Paxos Issuance Europe Oy reserves. Global Dollar Network is not the legal issuer.

Regulatory structure

  • PDS: MAS Major Payments Institution — entity-scoped.
  • Never write: USDG is regulated.
  • Not PAXG.

Unresolved / open gaps

  • Named bank / custodian legal names
  • Treasuries held by a qualified custodian (name not stated). Cash at anonymized Singapore commercial banks in the report.

Related evidence links

Stablecoin Evidence interface. No safety score. No investment recommendation. Unresolved evidence remains unresolved.