USDG's market capitalization rose from $300 million to $3.5 billion over the past year, with about $1.95 billion, or more than half of total supply, concentrated on OKX's X Layer, according to on-chain analyst EmberCN. The token is not one of the market's better-known stablecoins and has seen relatively little promotion or public exposure. EmberCN said X Layer helped lift USDG to the sixth-largest stablecoin by market value through actual usage rather than major marketing campaigns or large-scale subsidies. The analyst added that the expansion was steady over the past year and said the trend points to strong user numbers and activity in the OKX ecosystem even during the current market slump.