Paxos-issued USDG hits $3.2 billion market cap after 340% yearly jump

Paxos’ Global Dollar stablecoin, USDG, now carries a market cap of $3.2 billion. That figure represents a 340% increase over the past year. For a token that launched in November 2024 with supply in the hundreds of millions, that is a steep climb. Where the money actually sits USDG’s circulating supply and market cap reached approximately $3.2 billion as of late September 2026. The growth is not evenly spread, though. X Layer, the blockchain network tied to crypto exchange OKX, holds the largest share, with roughly $1.51 billion in USDG. Robinhood Chain comes second at about $703 million. Solana rounds out the top three with approximately $631 million. Together, those three networks hold the bulk of all USDG in circulation. All three networks are partners in the Global Dollar Network, or GDN. That is the consortium built around USDG, and its members have integrated the token as a native asset on their chains. Native issuance matters more than it sounds. A bridged stablecoin is essentially an IOU wrapped around a token that lives elsewhere, which adds a layer of risk. A native token is minted directly on the chain where people use it, with no middleman wrapper involved. Trading volum...