Paxos’ USDG reaches $929M in deposits across DeFi venues

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 represents a pace of adoption that most competitors took years to achieve. The token’s total circulation has now scaled past $3 billion, suggesting that DeFi deposits represent roughly a third of all USDG in existence. Inside the numbers USDG is fully backed 1:1 by US dollars and high-quality liquid assets, with Paxos publishing monthly attestation reports to verify the reserves. That structure mirrors what Paxos already does with its other stablecoin products, but USDG adds a twist: 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 that underpins this arrangement, has grown to over 150 partners and has distributed tens of millions in rewards to participants. USDG has landed integrations with notable DeFi protocols including Aave V4 a...