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USDG stablecoins and Layer-2 dynamics
The stablecoin Global Dollar (USDG) issued by Paxos has been officially launched on the Ethereum Layer-2 network Mantle, becoming one of the first natively minted stablecoins on the platform. The integration was announced on September 3 and marks Mantle's official accession to the Global Dollar Network and its official partner.
Joining the Global Dollar Network means Mantle will participate in the network's revenue sharing mechanism. The network allocates a portion of the revenue generated by USDG activities to its partners. Mantle has joined the structure, which includes more than 150 existing partners, including cryptocurrency exchange Kraken and retail investment platform Robinhood.
USDG enters the multi-stablecoin ecosystem
Mantle currently holds multiple stablecoins, including Agora's AUSD, Ethena's USDe, and Tether's USDT0. According to the network, USDG will be used in the Mantle ecosystem for decentralized finance (DeFi) applications and institutional capital allocation. Its native cast structure means that USDG is distributed directly on Mantle rather than bridged from other chains, thereby reducing operational friction between users and protocols within the ecosystem.
According to DefiLlama, USDG has a market value of approximately US$3.18 billion, making it the seventh largest stablecoin by market value. Paxos issues and operates the stablecoin under a regulatory framework, covering two jurisdictions: Singapore and the European Union. The company publishes a monthly reserve report, detailing the assets supporting USDG.
Mantle's real-world asset value grows 19% in 30 days
The integration of USDG comes as Mantle's broader digital asset ecosystem is growing. According to RWA.xyz, as of September 3, the value of distributed real world assets (RWAs) held by Mantle was US$234.2 million, a 19% increase from the previous 30 days, reflecting the platform's rising demand for tokenized assets.
The expanding RWA base and the addition of regulated and widely circulated stablecoins such as USDG point to Mantle's strategic direction to attract retail DeFi users and institutional participants. Paxos's compliance structure, including dual regulatory oversight and transparent reserve reporting, makes USDG a stablecoin that institutional capital allocators can participate within a clear legal framework. As USDG grows on Mantle, the Global Dollar Network's expanding partner base provides it with further distribution infrastructure.
