Paxos

Paxos is the entity that makes the dollars on Robinhood Chain real. It is the regulated issuer of USDG, the Global Dollar stablecoin, and USDG is not just one option among several on the chain — it is the dominant dollar, the primary base pair for Stock Token trading, and the asset users deposit into Robinhood Earn. That gives Paxos a structurally central role: the chain's whole thesis is tokenised financial assets priced and settled against a dollar, and Paxos is who stands behind that dollar with a regulated 1:1 backing model. The relationship is also deeper than vendor-and-chain, because Robinhood is a founding member of the Global Dollar Network — the Paxos-driven consortium (Anchorage, Bullish, Galaxy, Kraken, Nuvei, Paxos and Robinhood) launched to grow USDG adoption and share its economics with distributors. So Robinhood is not merely using a third-party stablecoin; it is a co-owner of the network whose stablecoin its chain runs on, which aligns incentives but also concentrates them. The position to take is that USDG's centrality is the chain's quiet single point of dependency on the money side, mirroring Chainlink's on the pricing side: a healthy, fully-backed, liquid USDG is load-bearing for everything from Stock Token spreads to Earn yields, and any stress in USDG would transmit straight into the chain's core markets. The reassuring part is that Paxos is among the more established regulated issuers; the part to watch is simply the degree of single-stablecoin concentration.

Role on Robinhood Chain

Regulated issuer of USDG, the dominant dollar stablecoin on the chain and the base asset for Stock Token trading and Robinhood Earn.· 88%§

Global Dollar Network

USDG is the native stablecoin of the Paxos-driven Global Dollar Network; Robinhood is a founding member alongside Anchorage, Bullish, Galaxy, Kraken and Nuvei.· 88%§

Backing model

USDG is issued 1:1 against US dollars by Paxos as a regulated issuer.· 85%§

Powers Robinhood Earn

USDG is the asset users lend in Robinhood Earn (~7% APY), routed via Morpho vaults and Spark's spUSDG.· 80%§

Concentration

USDG dominates on-chain dollar liquidity, making it a central dependency for the chain's markets.· 72%§

• 2024-11

  Global Dollar Network launches with Robinhood as a founder

  Paxos introduced the Global Dollar Network, an open consortium to grow USDG adoption, with Robinhood among the founding members.

• 2026-07-01

  USDG anchors Robinhood Chain's dollar liquidity and Earn

  At Robinhood Chain's launch, Paxos-issued USDG served as the dominant on-chain dollar and the deposit asset for Robinhood Earn.