Mantle Integrates Paxos-Issued Stablecoin USDG, Joins Global Dollar Network
Key Takeaways
- •Mantle integrated Paxos-issued $USDG as one of the first natively minted stablecoins on its network.
- •Mantle joined the Global Dollar Network, which has over 150 partners and more than $3 billion in $USDG circulating.
- •GDN partners receive rewards tied to adoption they generate, differing from traditional models where issuers keep reserve revenue.
- •Mantle's stablecoin TVL is $982 million, and its RWA TVL rose from about $22 million to roughly $240 million in the past year.
- •$USDG is regulated in Singapore and the European Union, and native minting lets users obtain it without bridging from another chain.
Mantle has integrated $USDG, a dollar-pegged stablecoin issued by Paxos, making it one of the first natively minted stablecoins on its network. The integration also designates Mantle as a Network Partner of the Global Dollar Network (GDN), an ecosystem that now counts more than 150 partners and over $3 billion in $USDG in circulation.
Mantle is an open financial network focused on bringing institutional assets on-chain. Paxos, the issuer of $USDG, is a regulated blockchain infrastructure company specializing in stablecoins and digital assets; it is also the issuer of USDP and the gold-backed token PAXG. The Global Dollar Network is an ecosystem designed to expand the use of regulated dollar assets. It launched in late 2024 as a consortium-based alternative to incumbent stablecoins such as USDT and USDC, with a model aimed at distributing the economic benefits of issuance more broadly among partners rather than concentrating them with a single issuer.
As part of the partnership, Mantle will join GDN's reward-sharing structure. Under this model, network partners receive rewards tied to the adoption they help generate. Other participants in the network include Robinhood and Kraken, alongside names such as Galaxy, Bullish, and Mastercard that have been publicly associated with the network. The arrangement contrasts with the traditional stablecoin model, in which the issuer retains essentially all reserve-related revenue.
$USDG joins a growing stablecoin lineup on Mantle, which already includes AUSD by Agora, USDe by Ethena, USDY by Ondo, and USDT0 by Tether. The breadth of that lineup reflects a broader industry shift in which multiple issuers are competing to become the default dollar instrument across chains, particularly as U.S. stablecoin legislation signed into law in 2025 established a federal regulatory framework for payment stablecoins. According to the network, its stablecoin total value locked (TVL) has reached $982 million, while its real-world asset (RWA) TVL has grown from approximately $22 million to around $240 million over the past year — growth consistent with rising institutional interest in tokenized assets.
$USDG is backed by Paxos reserves and operates under regulatory oversight in Singapore and the European Union. For Mantle, natively minting a regulated stablecoin means users can obtain the token on the network itself rather than bridging it from another chain, which typically reduces counterparty and bridge-related risk.
