Mantle Joins Global Dollar Network as USDG Circulation Surpasses $3B

Mantle, the open financial network connecting global market participants to institutional-grade capital-market assets on-chain, said on September 3 that the Paxos-issued stablecoin $USDG is now live on the network as one of its first natively minted dollar stablecoins. The integration makes Mantle a Network Partner of the Global Dollar Network (GDN), which has grown to more than 150 partners with over $3 billion of $USDG in circulation.

How Mantle Fits Into the Global Dollar Network

Unlike a standard token listing, Mantle’s entry places the network inside GDN’s reward-sharing structure as a Network Participant, joining partners that include Robinhood, Kraken, Mastercard, OKX and Bullish, according to the announcement. The model is designed to share the economics of $USDG adoption with the partners that drive it rather than leaving the issuer to retain them.

$USDG becomes the regulated dollar asset across Mantle’s ecosystem, from DeFi utilities to capital allocation for institutions, and joins an existing stablecoin lineup that already includes AUSD by Agora, USDe by Ethena, USDY by Ondo and USDT0 by Tether.

Regulatory Standing and Circulation Growth

$USDG circulation has climbed past $3.5 billion, according to the release, making it one of the largest regulated dollar stablecoins in the market. It operates under dual regulatory oversight from Singapore’s Monetary Authority and the European Union’s MiCA framework, a combination Paxos positions as rare among stablecoins. Paxos publishes monthly reserve reports, and $USDG is fully redeemable one-to-one for U.S. dollars.

Mantle’s Expanding RWA Stack

The addition extends Mantle’s push into institutional-grade assets. Its stablecoin total value locked has crossed $982 million, while its real-world-asset TVL has grown from roughly $22 million to about $240 million over the past year. Its count of tokenized assets, spanning equities, ETFs, commodities, treasuries and credit, has expanded to more than 700.

“Joining Global Dollar Network and bringing $USDG onto Mantle puts us inside a more active economic system,” said Emily Bao, Key Advisor at Mantle and Head of Spot at Bybit. Walter Hessert, Head of Strategy at Paxos, added that native $USDG issuance puts a regulated dollar “at the center of the ecosystem” and that, as a Global Dollar Network partner, Mantle shares in the upside it helps create.

The move follows other Global Dollar Network expansions, including OKX’s earlier integration of $USDG for its users, and builds on Mantle’s own chain-level upgrades such as its $2.5 billion MNT token migration to Chainlink CCIP. Whether native $USDG issuance materially deepens institutional activity on Mantle remains to be seen, but the partnership gives the network a regulated settlement asset that remains rare across the stablecoin market.