Mantle can now mint the Paxos stablecoin USDG directly on its network rather than bridging it in, and has joined the Global Dollar Network as a partner, the two companies said on 3 September.
What the integration means
The launch makes USDG one of the first stablecoins to be natively minted on Mantle, rather than simply bridged over. Under the Global Dollar Network’s reward-sharing structure, Mantle can receive a portion of the rewards generated by USDG activity on its chain. The network joins more than 150 existing partners in that programme, a group that includes Kraken and Robinhood.
Mantle said USDG will be deployed across its ecosystem for DeFi applications and institutional capital allocation, sitting alongside other stablecoins already available on the network, including Agora’s AUSD, Ethena’s USDe, and Tether’s USDT0.
What the Global Dollar Network Actually Is
The reward-sharing structure is the reason a network like Mantle joins at all, and it is what separates USDG from the two stablecoins that dominate the market.
Circle and Tether hold the reserves backing USDC and USDT, and keep the interest those reserves earn. Paxos does not. When the Global Dollar Network launched in November 2024, with Kraken, Robinhood, Galaxy Digital, Anchorage Digital, Bullish and Nuvei among its founding partners, Paxos chief executive Charles Cascarilla said the leading stablecoins were unregulated and retained all the reserve economics, and that the network would return virtually all rewards to participants instead.
In practice that means the businesses distributing USDG earn from doing so. An exchange earns for holding balances, a payment processor for settling in it, and a chain like Mantle for the USDG activity running across it. That is a direct commercial incentive to integrate, and it explains how the partner count passed 150 inside two years.
One point is worth being clear about. The reward flows to the partner, not automatically to whoever holds the token. USDG sitting in a wallet on Mantle does not pay its holder interest by default, and whether any of that income reaches an end user depends on what each partner chooses to pass on.
About USDG
USDG carries a market capitalisation of approximately $3.18 billion, ranking it as the seventh-largest stablecoin tracked by DefiLlama. The token is issued by Paxos and operates under regulatory frameworks in both Singapore and the European Union. Paxos publishes monthly reserve reports covering the asset.
Mantle’s broader momentum
The USDG integration arrives as Mantle reports accelerating growth in tokenized real-world assets. The network held $234.2 million in distributed RWA value as of 2 September, a figure that represents a 19% increase over the prior 30 days, according to RWA.xyz data.
