Paxos-Backed USDG Launches on Mantle as Network Joins Global Dollar Network

Paxos-issued stablecoin USDG has launched on Ethereum Layer 2 network Mantle, and Mantle has joined the Global Dollar Network as a partner. According to ChainCatcher, the integration makes USDG one of the first natively minted stablecoins on Mantle and gives Mantle access to the network’s reward-sharing system tied to USDG activity. DefiLlama data shows USDG has a market capitalization of about $3.18 billion, making it the seventh-largest stablecoin. The stablecoin is issued by Paxos and operates under regulatory frameworks in Singapore and the European Union, while Paxos publishes monthly reserve reports. Mantle said USDG will be used for DeFi applications and institutional capital allocation within its ecosystem. The network already supports several stablecoins, including Agora’s AUSD, Ethena’s USDe, and Tether’s USDT0. Mantle also said its tokenized real-world asset segment has grown recently, with distributed RWA value reaching $234.2 million as of Wednesday, up 19% over the past 30 days.