Paxos' stablecoin USDG has pulled in $929.2 million in deposits across decentralized finance venues, with total circulation past $3 billion. The token launched in November 2024 and already counts Aave V4 and Maple Finance among its integrations.
Paxos' Global Dollar stablecoin, USDG, has accumulated $929.2 million in deposits across various DeFi platforms, a milestone that puts the relatively young token in rare company among stablecoins with meaningful on-chain lending presence.
For a stablecoin that only launched in November 2024, crossing the $900M DeFi deposit threshold marks a pace of adoption most competitors took years to reach. The token's total circulation has since scaled past $3 billion, suggesting DeFi deposits represent roughly a third of all USDG in existence.
Backing and revenue sharing
USDG is fully backed 1:1 by US dollars and high-quality liquid assets, and Paxos publishes monthly attestation reports to verify the reserves. That structure mirrors what Paxos already does with its other stablecoin products, but USDG adds a revenue-sharing model that distributes economic benefits to network partners rather than keeping all the yield for the issuer.
The Global Dollar Network, the consortium behind the arrangement, has grown to over 150 partners and distributed tens of millions of dollars in rewards to participants. USDG has landed integrations with Aave V4 and Maple Finance, and after launching on Ethereum it has since expanded to Solana and the Robinhood Chain.
Regulated out of Singapore
USDG is issued by Paxos Digital Singapore and regulated by the Monetary Authority of Singapore. Paxos also operates through Paxos Issuance Europe, which complies with the European Union's Markets in Crypto-Assets framework.
The scale of the DeFi deposits matters because it shows USDG isn't just sitting in wallets or settling trading pairs on centralized exchanges. Nearly a billion dollars of it is actively deployed in lending protocols and liquidity pools, where it generates yield rather than simply serving as a fiat off-ramp. That roughly 30% of all USDG sits in DeFi venues suggests the token has found a niche among users who prioritize on-chain returns.
Source: Crypto Briefing
Trading involves risk.
Risk Disclaimer
