Mantle has joined the Global Dollar Network as Paxos-issued Global Dollar, or USDG, launches natively on the Ethereum layer-2 network.

Mantle announced the integration on September 3, giving Mantle applications access to an official version of USDG issued directly on the network rather than a bridged representation. The agreement also makes Mantle a member of the Global Dollar Network, an ecosystem of 150+ exchanges, payment companies, wallets, and infrastructure providers, including Kraken, Robinhood, Mastercard, OKX, Bullish, Paxos, and Worldpay.

Mantle said USDG circulation has passed $3.5 billion; the announcement’s headline used the figure of more than $3 billion.

USDG Is Issued Directly on Mantle

Native issuance means USDG can be created and redeemed through official infrastructure on Mantle without first being minted elsewhere and bridged over. A bridged token relies on the bridge continuing to account for the original asset correctly, while a native token forms part of the stablecoin’s recognized supply on the destination network.

Table 1. Native Issuance Compared With Bridged Stablecoins

Native issuance doesn’t eliminate risk; USDG still depends on Paxos, its backing assets, smart contracts, and redemption channels. Understanding how stablecoins hold value matters here, a mechanism our guide on how stablecoins hold their peg breaks down.

The integration also doesn’t automatically create deep USDG liquidity on Mantle; exchanges, DeFi applications, and users must adopt the asset before it supports substantial trading activity.

Mantle Enters GDN’s Reward-Sharing Structure

Global Dollar Network distributes a portion of USDG’s economic benefits to eligible partners that support its adoption. By joining, Mantle can participate in that reward-sharing system rather than simply hosting another issuer’s stablecoin.

The announcement didn’t disclose Mantle’s allocation, how rewards are calculated, or how proceeds would be used, and doesn’t mean holders automatically earn interest or a reserve-income share. 

USDG maintains a one-dollar value; any user yield would come from a separate product, adding smart-contract, market, and counterparty risk. The open question is whether incentives translate into sustained volume rather than a large partner directory with limited activity.

Paxos Provides the Issuance and Reserve Structure

According to Paxos’s USDG information page, the stablecoin is fully backed and redeemable from Paxos one-to-one for dollars, with monthly reserve reports published. 

It’s issued in Singapore by Paxos Digital Singapore under Monetary Authority of Singapore supervision, and in the EU by Paxos Issuance Europe under Finnish oversight and the MiCA framework, with EU tokenholders holding redemption rights at par value.

USDG is now issued on Ethereum, Ink, Mantle, Robinhood Chain, Solana, and X Layer. Liquidity doesn’t move automatically between deployments, since supply on each chain depends on issuance, redemptions, and exchange support. 

Regulatory supervision isn’t a guarantee against losses; tokenholders still face issuer, custody, operational, smart-contract, and redemption risks.

USDG Adds to Mantle’s Stablecoin Portfolio

Mantle already supports several dollar-denominated assets with different reserve and yield structures, including Agora’s AUSD, Ethena’s USDe, Ondo Finance’s USDY, and Tether’s USDT0. USDG adds a fiat-redeemable stablecoin under regulatory frameworks in Singapore and Europe, which Mantle expects to function as a settlement asset for DeFi and institutional capital.

These stablecoins aren’t interchangeable from a risk perspective: USDG uses one-to-one redemption through Paxos, USDe uses a synthetic-dollar structure, USDY represents a yield-bearing product, and USDT0 extends USDT liquidity across networks, part of a broader wave our Stablecoin News 2026 roundup has tracked.

Mantle reported its stablecoin TVL has passed $982 million, and real-world-asset TVL grew from roughly $22 million to around $240 million over the past year, with more than 700 tokenized instruments now available on its ecosystem. These figures describe assets connected to the network broadly, not USDG issuance on Mantle specifically.

Why Native Liquidity Matters for Mantle

Mantle is positioning its network as infrastructure for bringing traditional financial assets onchain, markets that need a stable settlement asset for pricing, liquidity, and transactions. A native stablecoin removes the need for a bridge.

Mantle adviser Emily Bao said the network has spent the past year building real-world-asset access alongside Bybit, calling an institutional-grade stablecoin stack central to that strategy. Paxos Head of Strategy Walter Hessert said native issuance places a regulated dollar at the center of Mantle’s ecosystem while letting the network share in adoption’s value.

The practical effect depends on which applications integrate USDG. The announcement did not name launch partners, trading pairs, or committed institutional users.

What Comes Next

The next indicators will be how much USDG is issued on Mantle and which applications support it. Liquidity pools, exchange flows, lending markets, and payment integrations would give the deployment uses beyond basic transfers, and reserve reports should show how Mantle’s supply fits into USDG’s wider circulation. 

Further disclosures may clarify reward-sharing terms and whether proceeds fund liquidity incentives or other programs.

What this means for you: USDG is now an official, natively issued stablecoin on Mantle, reducing reliance on a bridged representation. Native issuance alone doesn’t guarantee liquidity, yield, adoption, or risk-free redemption; usefulness depends on where USDG can be traded, deposited, borrowed, spent, or redeemed across the Mantle ecosystem.

This is not financial advice. Stablecoins can carry issuer, reserve, custody, redemption, regulatory, smart-contract, bridge, and blockchain-network risks. Availability and redemption conditions may vary by jurisdiction.