Paxos-issued USDG Goes Live Natively on Mantle as Network Joins Global Dollar Network
Key Takeaways
- •USDG, issued by Paxos, is now natively minted on the Ethereum layer-2 network Mantle and is among the first stablecoins to do so.
- •Mantle joined the Global Dollar Network as a partner, entitling it to a share of rewards generated by USDG activity alongside more than 150 partners including Kraken and Robinhood.
- •USDG has a market capitalization of about $3.18 billion, making it the seventh-largest stablecoin tracked by DefiLlama, and operates under regulatory frameworks in Singapore and the European Union.
- •USDG joins other stablecoins on Mantle including AUSD, USDe and USDT0, as layer-2 networks compete to attract compliant dollar issuers for on-chain liquidity.
- •Mantle recorded $234.2 million in distributed tokenized real-world asset value as of Wednesday, an increase of 19% over the past 30 days.
The Paxos-issued stablecoin USDG has launched natively on Mantle, with the Ethereum layer-2 network joining the Global Dollar Network as a partner, according to a Thursday announcement.
The integration makes USDG one of the first stablecoins to be natively minted on Mantle and brings the network into USDG’s reward-sharing structure. As a partner, Mantle can receive a share of the rewards generated by USDG activity, joining a network of more than 150 partners, including Kraken and Robinhood. The reward-sharing model is a notable departure from the traditional arrangement in which stablecoin issuers alone capture the interest income generated by reserve holdings; USDG instead distributes a portion of that revenue to ecosystem partners who drive adoption — an approach that has become a competitive lever among issuers since the United States enacted federal stablecoin legislation in 2025, opening the door for a wider range of licensed players to compete on distribution.
USDG has a market capitalization of about $3.18 billion, making it the seventh-largest stablecoin tracked by DefiLlama. The stablecoin is issued by Paxos and operates under regulatory frameworks in Singapore and the European Union, with Paxos publishing monthly reports on its reserves.
USDG joins several other stablecoins available on Mantle, including Agora’s AUSD, Ethena’s USDe and Tether’s USDT0 — a roster that reflects how layer-2 networks increasingly compete to attract multiple compliant dollar issuers as anchors for on-chain liquidity. Mantle said USDG will be used across its ecosystem for DeFi applications and institutional capital allocation.
Mantle has also seen recent growth in tokenized real-world assets (RWA). The network had $234.2 million in distributed RWA value as of Wednesday, up 19% over the past 30 days, according to RWA.xyz data. The combination of a natively minted stablecoin and expanding RWA activity is a pairing networks have pursued as tokenized treasuries and other yield-bearing assets typically require deep, compliant on-chain dollar liquidity to settle and compound.
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