MV Capital - Mantle Adds Native USDG Stablecoin and Joins Global Dollar Network

Paxos-issued USDG is now natively available on Mantle as the network becomes a partner in the Global Dollar Network, which supports more than 150 members and over $3 billion in circulation

Mantle, an open financial network built as an Ethereum layer-2, has integrated the USDG stablecoin issued by Paxos as one of the first assets that can be minted natively on its chain. The move also brings Mantle into the Global Dollar Network as a partner, allowing it to participate in the network’s reward-sharing model alongside more than 150 other members.

USDG is a dollar-pegged stablecoin fully redeemable one-to-one for U.S. dollars. It operates under dual regulatory oversight from the Monetary Authority of Singapore and the European Union’s Markets in Crypto-Assets framework. Paxos publishes monthly reserve reports to provide transparency on the assets backing the token.

Native Issuance and Reward Sharing

Unlike many stablecoin deployments that rely on bridged or wrapped versions, USDG can now be created and redeemed directly on Mantle. This native support is intended to support decentralized finance activity, liquidity provision, and institutional capital allocation across the network’s applications.

By joining the Global Dollar Network, Mantle gains access to a structure that distributes a portion of the economic rewards generated by USDG activity to participating partners. Existing members of the network include firms such as Robinhood, Kraken, OKX, and others. Circulation of USDG has surpassed $3 billion, with some reports placing the figure near $3.18 billion in market capitalization, ranking it among the larger regulated dollar stablecoins.

“Alongside Bybit, one of our closest partners, Mantle has spent the last year building towards powering borderless access to RWA, and an institutional-grade stablecoin stack has been a core part of that: AUSD, USDe, USDY, and USDT0, each one bringing us closer to a network where global market participants can reach institutional-grade assets across the ecosystem. Joining Global Dollar Network and bringing USDG onto Mantle puts us inside a more active economic system. Our builders and partners now have a settlement asset they can trust as we bring more of the world’s financial products onto the network.”Emily Bao, Key Advisor at Mantle and Head of Spot at Bybit

“Mantle is building the rails that bring traditional financial assets on-chain, and that future runs on regulated dollars. Native USDG issuance puts one at the center of the ecosystem, and as a Global Dollar Network partner, Mantle shares in the upside it helps create.”Walter Hessert, Head of Strategy at Paxos

Expanding Mantle’s Stablecoin and Tokenized Asset Offerings

USDG joins an existing set of stablecoins already available on Mantle, including AUSD issued by Agora, USDe from Ethena, USDY from Ondo, and USDT0 from Tether. Network data indicates Mantle’s stablecoin total value locked has previously crossed $982 million.

The integration coincides with continued growth in Mantle’s real-world asset activity. Tokenized asset value on the network has risen from roughly $22 million a year earlier to approximately $240 million. Separate tracking showed distributed real-world asset value at $234.2 million as of early September, representing a 19 percent increase over the prior 30 days. The number of tokenized assets available across equities, exchange-traded funds, commodities, treasuries, asset-backed credit, and related products has expanded beyond 700.

Mantle positions the addition of a regulated dollar stablecoin as infrastructure that supports broader on-chain access to institutional-grade products, including tokenized equities, yield-bearing instruments, and funds. The network continues to develop tools for issuance, liquidity, distribution, and settlement of these assets.

Regulatory and Operational Context

Paxos issues USDG through entities in Singapore and Europe, with the European issuance handled by Paxos Issuance Europe. Token holders in the European Union hold a direct right of redemption at par value. The dual regulatory status is uncommon among stablecoins and forms part of the appeal for networks seeking assets with clear compliance standing.

USDG is already available on several other chains, including Ethereum, Solana, and others. The Mantle deployment extends its reach while embedding the network in the Global Dollar Network’s partner economy. Activity involving the stablecoin on Mantle will contribute to the shared reward pool according to the terms of the partnership.

The launch was announced on September 3, 2026, and positions USDG as a core settlement and liquidity asset within Mantle’s growing suite of institutional-focused products.