- Kraken added deposit and withdrawal support for Global Dollar (USDG) on Arbitrum One, published on Kraken’s own blog on October 29, 2026
- USDG is a US dollar-denominated stablecoin issued by Paxos, redeemable one-to-one for US dollars, with reserves held in cash and cash equivalents in segregated accounts
- Paxos issues USDG natively as an ERC-20 token on Arbitrum One rather than bridging it from Ethereum, so transfers between Kraken and Arbitrum One settle directly without a third-party bridge or a canonical bridge’s withdrawal period
Kraken’s official blog announced on October 29, 2026 that the exchange now supports deposits and withdrawals of Global Dollar, the stablecoin known by its ticker USDG, on the Arbitrum One network. USDG trading itself was already available on Kraken before this update; what changed is the ability to move the token directly onto and off the Arbitrum One layer-two network through Kraken’s own rails.
USDG is issued by Paxos, a regulated stablecoin issuer, and is part of the Global Dollar Network, a consortium of companies that includes Kraken among its members. The token is described as redeemable one-to-one for US dollars, with its reserves held in cash and cash-equivalent instruments in segregated accounts, a structure broadly similar to other major regulated dollar stablecoins.
The notable technical detail in Kraken’s announcement is that Paxos issues USDG natively as an ERC-20 token directly on Arbitrum One, rather than issuing it only on Ethereum and relying on a bridge to move it over to the layer-two network. Because of that native issuance, transfers of USDG between Kraken and Arbitrum One settle directly, without needing to pass through a third-party bridge or wait out the standard withdrawal delay associated with Arbitrum’s own canonical bridge, which can otherwise take a significant amount of time for larger transfers moving from the layer-two back to Ethereum.
Kraken’s blog post includes its standard operational warnings for a network-specific update of this kind: deposits sent on an unsupported network will be lost, the network selected within Kraken’s interface must match the network actually used to send the funds, and geographic restrictions on who can use USDG may apply depending on a customer’s location.
The update extends USDG’s reach across Kraken’s supported networks and follows a broader industry trend of stablecoin issuers expanding native issuance across multiple chains rather than relying solely on bridged versions of a single base-chain token. The announcement is published on Kraken’s own blog.
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