The Ethereum layer-2 network Mantle has natively launched Paxos's dollar-pegged stablecoin, USDG, and joined the Global Dollar Network. This integration allows USDG to be minted directly on Mantle for DeFi and institutional use. As a partner in the 150-member network, Mantle will share in the revenue generated by USDG activity. USDG holds a $3.18 billion market cap and operates under Singapore and EU regulatory frameworks, launching amid a 19% monthly surge in Mantle's tokenized real-world assets to $234.2 million.
USDG native launch on Mantle
- ▪Mantle plans to utilize the native USDG stablecoin across its decentralized finance applications and institutional treasury capital allocation.
- ▪The Paxos-issued stablecoin USDG has launched natively on the Ethereum layer-2 network Mantle, allowing direct minting and redemption without relying on a wrapped version.
Global Dollar Network partnership
- ▪The Global Dollar Network consists of more than 150 partners, including Kraken, Robinhood, Paxos, OKX, and Worldpay.
- ▪Mantle has joined the Global Dollar Network, a stablecoin coalition built around the distribution and utilization of the USDG stablecoin.
- ▪As a partner in the Global Dollar Network, Mantle will receive a share of the revenue and rewards generated by USDG activity on its network.
USDG market position
- ▪USDG has a market capitalization of approximately $3.18 billion, ranking as the seventh-largest stablecoin according to DefiLlama data.
- ▪The Global Dollar Network reported USDG circulation closer to $3.5 billion in its September 3, 2026 announcement.
- ▪USDG is natively issued on multiple blockchain networks, including Ethereum, Solana, Ink, X Layer, Robinhood Chain, and Mantle.
Paxos regulatory framework
- ▪Within the European Union, Paxos Issuance Europe issues USDG under the supervision of Finland's Financial Supervisory Authority in compliance with MiCA regulations.
- ▪Paxos Digital Singapore issues USDG under the supervision of the Monetary Authority of Singapore.
- ▪Paxos publishes monthly reserve reports for USDG, asserting that the stablecoin is fully backed and redeemable one-to-one for U.S. dollars.
Mantle stablecoin ecosystem
- ▪As of August 2026, USDT0 accounted for approximately $440 million, or nearly 80% of Mantle's total stablecoin supply.
- ▪Mantle supports a variety of stablecoins, including Agora's AUSD, Ethena's USDe, Tether's USDT0, Circle's USDC, Aave's GHO, and World Liberty Financial's USD1.
Mantle RWA growth
- ▪The Mantle team reported its real-world asset total value locked at approximately $240 million, compared to roughly $22 million in the preceding year.
- ▪According to RWA.xyz data, the value of tokenized real-world assets on the Mantle network rose 19% over 30 days to $234.2 million as of September 2, 2026.
Debatable claims
- ▪Stablecoin networks should distribute reserve revenue to platforms rather than users
- ▪Tokenized real-world assets should be subject to traditional securities regulations
- ▪The United States should accept foreign regulatory standards for stablecoin issuers
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