Stripe · Circle · Ethereum · Coinbase · CoinDesk
Arbitrum joins Paxos-led stablecoin group Global Dollar to capture digital dollar growth
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Arbitrum is joining the Global Dollar Network, the Paxos-led stablecoin consortium behind USDG, as the Ethereum layer-2 network looks to capture a slice of the economics from the stablecoins already circulating on its rails.
Key facts
- There is currently about $3.8 billion of stablecoins on the network, with Circle's USDC accounting for roughly 60%, DefiLlama data shows
- Global Dollar Network has more than 150 partners, including Robinhood, Kraken, Mastercard, and OKX
- The stablecoin is issued by Paxos, backed one-for-one by dollar reserves and has more than $3 billion in circulation across networks
- A governance proposal published Tuesday asks ArbitrumDAO to make USDG growth a strategic priority, add 100 million ARB to its DRIP incentive program and use treasury assets to support USDG liquidity
Summary
Paxos-issued Global Dollar (USDG) is launching across Arbitrum's DeFi ecosystem, including Morpho, GMX, Fluid and Maple, with Kraken providing on- and off-ramps. Arbitrum aims a share of the economics generated by stablecoins on its network, which currently holds about $3.8 billion of them, roughly 60% in Circle's USDC. Stablecoin alliances are multiplying, with OpenUSD drawing support from Mastercard, Visa, Stripe, Coinbase and Shopify, while Qivalis is backed by 37 European banks. USDG has launched on Arbitrum on Tuesday with integrations spanning trading, lending and payments, including Fluid, Morpho, GMX, Maple, Li.