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USDG, the Paxos-issued stablecoin backed by the Global Dollar Network, has launched natively on Mantle — making the Ethereum layer-2 one of the first networks where the token is minted directly rather than bridged, and adding another regulated dollar to a chain whose stablecoin and tokenized asset business is scaling at pace.
The Global Dollar Network announced on Sept. 3 that USDG can now be minted and redeemed directly on Mantle, eliminating the wrapped-token path that third-party bridges require. Native issuance changes the mechanics: Paxos creates and redeems tokens on the network itself, each redeemable one-to-one for U.S. dollars, while Mantle's Ethereum-compatible infrastructure keeps transaction costs low. USDG is already issued natively on Ethereum, Solana, Ink, X Layer and Robinhood Chain.
USDG deepens its distribution moat
Alongside the launch, Mantle has joined the Global Dollar Network, a coalition of more than 150 partners including Kraken, Robinhood, Paxos, OKX and Worldpay. The network's distinguishing feature is economic rather than technical: participating companies share in the income generated by the assets backing USDG, with each participant's reward depending on its role, activity and commercial agreement. For Mantle, partner status converts the stablecoin integration from plumbing into a revenue line — every USDG deposit, trade or settlement on the chain can feed back into the network's rewards pool.
The regulatory architecture is deliberately multi-jurisdictional. Paxos Digital Singapore issues USDG under Monetary Authority of Singapore supervision, while Paxos Issuance Europe issues it under Finland's Financial Supervisory Authority in compliance with the EU's Markets in Crypto-Assets Regulation, with monthly reserve reports published for the backing assets. According to DefiLlama data, USDG held approximately $3.18 billion in market capitalization and ranked as the seventh-largest stablecoin, with the network's own announcement placing circulation closer to $3.5 billion. USDT0's Stellar launch showed the multichain stablecoin playbook; USDG's version runs on institutional reward-sharing instead of raw liquidity.
Why Mantle wants another dollar
The stablecoin arrives amid a deliberate buildout of Mantle's tokenized asset business. The team places its real-world asset total value locked at about $240 million, up from roughly $22 million a year earlier, with RWA.xyz showing $234.2 million in distributed value as of Wednesday — a 19% increase over 30 days. Blockworks Research counts about $330 million in tokenized assets plus nearly $550 million in stablecoin supply on the chain, roughly $880 million combined across 985 distinct products, including recent additions SPCXx, linked to privately held SpaceX, and USPXx, tracking Franklin Templeton's U.S. Equity Index ETF.
USDG enters a stablecoin mix dominated by USDT0, which accounted for roughly $440 million — close to 80% of Mantle's stablecoin supply — as of August, with Ethena's USDe at $57.9 million, USDC at $34.2 million and conventional USDT at $13 million. Adding USDG gives Mantle another regulated dollar alongside USDe, AUSD, USDC, GHO and USD1, and the network wants that liquidity actively deployed: a non-custodial vault product opened to DeFi users in August after an earlier version distributed through Bybit passed $200 million in assets under management. Reward-sharing dollar products are becoming the norm, and consumer-facing yield apps are pulling the same levers.
The catch for U.S. users
A dollar peg does not make every product built on it universally available. Eligibility for Mantle's tokenized products depends on the issuer, distributor, product structure and applicable federal and state rules — and the U.S. Securities and Exchange Commission said in January that a tokenized security remains a security when its ownership record is maintained on a crypto network. Tokens that merely track an asset's price may confer no shares, voting rights, dividends or claims. The native USDG launch strengthens Mantle's institutional story in eligible markets, but the fine print still separates the chains where value settles from the jurisdictions where it may lawfully move.
