The dollar that runs the chain
USDG is a 1:1 US-dollar-backed stablecoin issued by Paxos, and the dominant dollar on Robinhood Chain — roughly 68% of the chain's ~$300m stablecoin supply in early July 2026. It is the settlement asset behind Robinhood Earn and a primary quote asset across the chain's DEXs. Its canonical address on the chain is 0x5fc5360D0400a0Fd4f2af552ADD042D716F1d168.
On a chain built around tokenised equities, a reliable dollar is the other half of every pair: you price a Stock Token in something, and here that something is usually USDG.
The Global Dollar Network
USDG is not just any Paxos coin — it is the shared asset of the Global Dollar Network (GDN), a consortium Paxos launched in November 2024 with partners including Robinhood, Kraken, Anchorage Digital, Galaxy Digital, and Nuvei. The network's distinguishing feature is economic: it shares stablecoin revenue with the platforms that distribute and hold USDG, rather than the issuer keeping all the reserve yield.
That model is why a Robinhood-operated chain defaults to USDG. Robinhood is a GDN member; routing its chain's dollars through USDG aligns the coin's economics with the platform carrying it. The dollar stack is a business decision as much as a technical one.
The rest of the stack
USDG is the anchor, but not the whole dollar-and-base-asset layer. Robinhood Wrapped ETH (WETH), at 0x0Bd7D308f8E1639FAb988df18A8011f41EAcAD73, is the ERC-20 form of the gas token and the base of most ETH-denominated liquidity. Other stablecoins circulate too, but USDG's dominance means the chain's dollar liquidity is concentrated in one coin.
That concentration is worth naming plainly. A single dominant stablecoin is efficient — deep pairs, simple routing — but it also ties much of the chain's dollar liquidity to one issuer's reserves and one network's economics. It is a strength and a dependency at the same time.
On the record in this article