Mantle, the open financial network connecting global market participants to institutional-grade capital-market assets on-chain, announced on September 3 that the Paxos-issued stablecoin $USDG is now live on the network as one of its first natively minted dollar stablecoins. With the integration, Mantle becomes a Network Partner of the Global Dollar Network (GDN), an alliance that has grown to more than 150 partners with over $3 billion of $USDG in circulation. The network, launched by Paxos in late 2024, was formed to let exchanges, fintechs and financial institutions share in the reserve income generated by a compliant dollar stablecoin — a departure from the traditional model in which the issuer keeps those returns.

Mantle's Role Within the Global Dollar Network

Mantle's entry is more than a standard token listing: it places the network inside GDN's reward-sharing structure as a Network Participant, alongside partners that include Robinhood, Kraken, Mastercard, OKX and Bullish, according to the announcement. The model is designed to share the economics of $USDG adoption with the partners that drive it, rather than allowing the issuer to retain them. For Mantle, that structure aligns with its broader strategy of building institutional-grade financial infrastructure on-chain rather than chasing retail stablecoin flows.

$USDG now serves as the regulated dollar asset across Mantle's ecosystem, from DeFi utilities to capital allocation for institutions. It joins a stablecoin lineup that already includes AUSD by Agora, USDe by Ethena, USDY by Ondo and USDT0 by Tether.

Regulatory Standing and Circulation Growth

$USDG circulation has climbed past $3.5 billion, according to the release, making it one of the largest regulated dollar stablecoins on the market. It operates under dual regulatory oversight from Singapore's Monetary Authority and the European Union's MiCA framework — a combination Paxos positions as rare among stablecoins. Paxos publishes monthly reserve reports, and $USDG is fully redeemable one-to-one for U.S. dollars. That regulatory footing has become a competitive differentiator as global rulebooks for stablecoins tighten, with jurisdictions such as the EU enforcing MiCA and U.S. federal stablecoin legislation signed into law in 2025.

Mantle's Expanding RWA Stack

The addition extends Mantle's push into institutional-grade assets. The network's stablecoin total value locked has crossed $982 million, while its real-world-asset TVL has grown from roughly $22 million to about $240 million over the past year. Its tokenized asset count — spanning equities, ETFs, commodities, treasuries and credit — has expanded to more than 700. A natively minted, reward-sharing dollar stablecoin could give institutional participants a settlement asset that earns network-level benefits within the same ecosystem where those tokenized assets trade.

"Joining Global Dollar Network and bringing $USDG onto Mantle puts us inside a more active economic system," said Emily Bao, Key Advisor at Mantle and Head of Spot at Bybit. Walter Hessert, Head of Strategy at Paxos, added that native $USDG issuance puts a regulated dollar "at the center of the ecosystem" and that, as a Global Dollar Network partner, Mantle shares in the upside it helps create.

The move follows other Global Dollar Network expansions, including OKX's earlier integration of $USDG for its users, and builds on Mantle's own chain-level upgrades such as its $2.5 billion MNT token migration to Chainlink CCIP. Whether native $USDG issuance materially deepens institutional activity on Mantle remains to be seen, but the partnership gives the network a regulated settlement asset that remains rare across the stablecoin market. Metrics to watch going forward include $USDG circulation on Mantle relative to the network's other stablecoins, growth in RWA TVL, and whether additional Global Dollar Network partners follow with native integrations of their own.