Paxos' Global Dollar stablecoin, USDG, has reached $929.2 million in deposits across DeFi (blockchain-based financial services) platforms, a notable milestone for a token that launched only in November 2024. Total USDG circulation has surpassed $3 billion, meaning about a third of the stablecoin's supply is now deployed in on-chain lending, liquidity pools and related venues rather than sitting idle or being used mainly for exchange settlement. USDG is backed 1:1 by U.S. dollars and high-quality liquid assets, with Paxos publishing monthly reserve attestations. It also differs from many rivals through a revenue-sharing model that distributes economic benefits to network partners via the Global Dollar Network, which has grown to more than 150 partners and paid out tens of millions in rewards. The stablecoin has integrated with Aave V4 and Maple Finance, and expanded from Ethereum to Solana and the Robinhood Chain. USDG is issued by Paxos Digital Singapore under the Monetary Authority of Singapore (MAS, Singapore's central bank and financial regulator), while Paxos Issuance Europe operates under the European Union's MiCA (crypto-asset rulebook) framework. The scale of DeFi usage suggests USDG is gaining traction among users seeking on-chain yield, an important differentiator in the increasingly competitive stablecoin market.