Paxos USDG Stablecoin Debuts on Mantle as Network Becomes Global Dollar Network Member
The Ethereum layer-2 platform Mantle has integrated Paxos' USDG stablecoin for native minting and has become part of the network's revenue distribution framework.
The USDG stablecoin from Paxos has gone live natively on the Mantle network, with the layer-2 Ethereum platform becoming a member of the Global Dollar Network partnership program, based on an announcement made Thursday.
This integration positions USDG among the first stablecoins to receive native minting capabilities on Mantle and incorporates the network into USDG's rewards distribution model. Through this partnership, Mantle gains access to a portion of rewards produced by USDG transactions, entering a collaborative ecosystem that encompasses more than 150 partners, which includes major platforms such as Kraken and Robinhood.
With approximately $3.18 billion in market capitalization, USDG ranks as the seventh-largest stablecoin according to DefiLlama's tracking metrics. Paxos serves as the issuer of the stablecoin, which functions within regulatory compliance frameworks established in Singapore and the European Union, while Paxos maintains transparency through monthly reserve reporting.
The addition of USDG expands Mantle's existing stablecoin offerings, which already feature Agora's AUSD, Ethena's USDe and Tether's USDT0. According to Mantle, USDG will serve various functions throughout its ecosystem, supporting DeFi applications and facilitating institutional capital allocation strategies.
The Mantle network has additionally experienced notable expansion in tokenized real-world assets (RWA) recently. Data from RWA.xyz indicates that the network reached $234.2 million in distributed RWA value as of Wednesday, representing a 19% increase compared to the previous 30-day period.