We present a GPS-only reference frame named PDR05 (Potsdam-Dresden-Reprocessing TRF 2005) based on the results of a homogeneous reprocessing of a global GPS network over the time span 1994.0–2006.0. The reference frame is realized in the center of mass (CM) system. This implies that a self-consistent model considering the reference frame and loading dynamics has been applied. The determined set of coordinates at epoch 2000.0 and their linear changes with time are evaluated in terms of self-consistency and are compared to other realizations of the Terrestrial Reference System (TRS), such as ITRF2000, ITRF2005, and the GPS-only realizations IGb00 and IGS05. We demonstrate that GPS is able to realize a TRS with the origin in the center of mass and a scale which are both on an equivalent level of self-consistency, stability, and precision as other space techniques. The results show the high potential of homogeneously reprocessed GPS networks for future International Terrestrial Reference System (ITRS) realizations and for the realization of the Global Geodetic Observing System (GGOS). Hence, PDR05 represents a stable metrological basis for global geodynamic investigations.