Paxos-issued Global Dollar (USDG) is now live as a natively minted stablecoin on Mantle, while the blockchain network has joined the Global Dollar Network’s partner and reward-sharing structure.
The September 3 launch gives Mantle applications a native version of USDG rather than relying on a bridged representation issued elsewhere. Paxos’s current developer documentation lists a dedicated USDG contract on Mantle mainnet, corroborating that the asset is operational on the network.
For payments and treasury teams, the distinction matters. Native issuance can reduce dependence on third-party bridges in the asset’s core lifecycle and gives developers a clearly identified token contract for settlement, treasury and application integrations. It does not, by itself, establish transaction demand, liquidity depth or merchant adoption on Mantle.
Mantle enters USDG’s distribution model
Mantle said its participation in the Global Dollar Network places it inside a reward-sharing system designed to distribute part of the economics generated by USDG activity to participating partners. The announcement names Robinhood and Kraken among more than 150 network participants.
The network and circulation figures are company-reported. Mantle’s release said USDG circulation had exceeded $3.5 billion, while the release headline used the broader threshold of more than $3 billion. Cointelegraph separately reported market capitalization of about $3.18 billion at publication, citing DefiLlama. These figures can differ by measurement time and data source, so they should not be read as a fixed launch-day balance.
The economic structure is strategically relevant because it gives distribution partners a potential incentive to support the stablecoin. However, neither Mantle’s announcement nor the independent report disclosed the reward formula, Mantle’s expected share, minimum activity requirements or how any rewards will be used. The integration should therefore be assessed as new settlement infrastructure and distribution alignment, not evidence of realized revenue.
What USDG adds to Mantle’s settlement stack
Paxos describes USDG as a US-dollar-pegged stablecoin issued by Paxos Digital Singapore, a Major Payment Institution supervised by the Monetary Authority of Singapore. Paxos says the token is redeemable one-for-one for US dollars through its platform, with cash and cash-equivalent reserves held in segregated accounts. It also publishes monthly reserve-composition reports and third-party attestations.
USDG joins other dollar-denominated assets already available in the Mantle ecosystem, including AUSD, USDe, USDY and USDT0. The addition gives developers and institutional users another option for onchain settlement, liquidity management and treasury workflows. Mantle said it expects USDG to support uses ranging from decentralized-finance applications to institutional capital allocation.
The launch does not make every USDG or Mantle service available in every jurisdiction. Access, redemption, custody, compliance checks and application-level availability can vary by provider and market. Businesses considering the asset will still need to verify contract addresses, counterparty arrangements, redemption access and applicable regulatory obligations.
Operational questions remain
The primary announcement did not disclose named launch applications, committed payment volume, merchant deployments, transaction fees or settlement service levels. Those details will determine whether native USDG becomes a meaningful payments rail on Mantle rather than another available liquidity asset.
Near-term indicators to watch include exchange and wallet support for the Mantle-native token, liquidity across major venues, direct mint-and-redeem access, application integrations and the share of activity tied to payments or treasury flows rather than trading. For now, the verified development is narrower but material: USDG is natively available on Mantle, and Mantle has joined the network that coordinates the stablecoin’s distribution incentives.