Global Dollar vs GHO — side-by-side comparison of supply, chains, backing, and peg data.
| Metric | USDG | GHO |
|---|---|---|
| USD circulation value | $3.26B | $648.2M |
| Rank (by USD value) | #7 | #18 |
| Peg | USD | USD |
| Mechanism | fiat-backed | crypto-backed |
| Backing | Cash reserves (Paxos) | Overcollateralized (Aave) |
| Chains deployed | 6 | 2 |
| Primary chain | X Layer | Ethereum |
| Issuer | Global Dollar | GHO |
| CoinGecko | View → | View → |
Both USDG and GHO track USD, but they differ in backing and issuer. USDG is backed by cash reserves (paxos) while GHO is backed by overcollateralized (aave). As of today, USDG ranks #7 and GHO ranks #18 among tracked stablecoins.
USDG is larger, with $3.26B in circulation vs $648.2M for GHO. That's roughly 5.0× the size.
Neither USDG nor GHO is inherently "safer" — safety depends on the specific backing composition, issuer transparency, redemption rights, and regulatory oversight. USDG uses fiat-backed backing model; GHO uses crypto-backed. Users should read each issuer's most recent reserve attestation before choosing.
Yes. USDG and GHO both trade on major centralized and decentralized exchanges. Since both track USD, the exchange rate is typically very close to 1:1. Direct swap protocols on Ethereum, Solana, and other chains offer the tightest spreads.
The right choice depends on your use case. Consider: which chain do you need? USDG is available on 6 chains and GHO on 2. What backing do you prefer? What's your integration surface (exchanges, DeFi protocols, payment providers)? Both have deep liquidity, so market cap alone shouldn't decide it.