Arbitrum Joins Paxos Stablecoin Alliance, USDG Launches on Arbitrum

Arbitrum has announced its membership in the Global Dollar Network, a stablecoin alliance led by Paxos, with its stablecoin USDG now live on Arbitrum as of Tuesday. This integration covers trading, lending, and payment scenarios, with partners including Fluid, Morpho, GMX, Maple, Li.Fi, Gauntlet, Steakhouse, LayerZero, and Kraken, while Uniswap and Fhenix will join later. USDG is issued by Paxos and is backed by a 1:1 dollar reserve, with cross-network circulation exceeding $3 billion. The Global Dollar Network has over 150 partners, including Robinhood, Kraken, Mastercard, and OKX, and its model distributes the earnings generated from USDG reserves to partners that drive adoption. Currently, there are approximately $3.8 billion in stablecoins on the Arbitrum network, with about 60% being Circle's USDC, which previously could not share reserve earnings directly. Brendan Ma, the investment strategy director at the Arbitrum Foundation, stated that with USDG, Arbitrum and ecosystem builders can now share in the profits from growth.

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