Paxos expands USDG to Hyperliquid, Plume and Aptos blockchains
Paxos Labs and LayerZero on Tuesday launched USDG0, a bridged version of the USDG stablecoin that will allow it to operate on additional blockchains.
The market capitalization of USDG issued by Paxos exceeds $997 million. The token powers the Global Dollar Network (GDN) and is currently available on Solana, Ethereum, Ink, and X Layer.
The bridged token, built on LayerZero’s Omnichain Fungible Token (OFT) standard, enables USDG to move into blockchains where Paxos does not yet offer native issuance. Deployment will begin with Hyperliquid, whose total value locked (TVL) exceeds $4.5 billion, and will expand to Plume and Aptos, according to a company press release cited by The Defiant.
The launch highlights growing competition among platforms to distribute stablecoins — a market that has surged this year from $208 billion in January to $303 billion, according to DeFiLlama.
More opportunities across new blockchains
Tether’s USDT currently holds the largest market share at around 61% with a market capitalization of $184 billion.
“USDG0 reflects a shared vision — to make the global dollar accessible wherever users transact… By expanding USDG through Paxos Labs and LayerZero, we enable every ecosystem to integrate reliable, economically balanced stablecoin liquidity built on the same platform as all Paxos-issued assets,” said Ronak Daya, Head of Product at Paxos.
When USDG moves to a new blockchain, USDG0 is minted on that chain while an equivalent amount of USDG remains locked in secure, audited contracts. This ensures every token remains fully backed and compliant with regulatory standards, the press release explains.
As we wrote, Visa joins Paxos USDG alliance to boost cross-border payments
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