The USDG stablecoin, issued by Paxos, reached a market capitalization of $3.2 billion by late September 2026. This figure marks a 340% increase over the previous year for the asset, which originally launched in November 2024 with a supply in the hundreds of millions.
The majority of the supply is concentrated across three networks that are members of the Global Dollar Network. X Layer holds $1.51 billion, Robinhood Chain accounts for $703 million, and Solana hosts $631 million. These partners integrate the token as a native asset.
Trading activity for USDG is heavily centralized on Uniswap, which recorded $21.8 billion in volume during September 2026, representing 98% of the token's decentralized exchange activity. The stablecoin is backed 1:1 by US dollar cash and cash equivalents.
On October 6, 2026, the token expanded its reach by launching natively on Arbitrum One. The Global Dollar Network currently includes over 150 partners who share in the yields generated by the reserves, supporting the token's distribution across various blockchain ecosystems.
