Project
USDG (Global Dollar) is a dollar-backed stablecoin issued by Paxos and promoted through its Global Dollar Network, with MiCA authorisation in the EU.
Aave's proposed USDG rollover would put borrowers in Pendle collateral yielding 2.98%, below USDT0, USDC and USDG borrowing rates. We compute 0.69% through Feb. 25 at 2x leverage against 1.11% unlevered, so looping needs rewards that still lack terms.
Reality
Arbitrum joined Paxos's Global Dollar Network to share USDG reserve income, with a DAO proposal to add 100 million ARB in incentives. It takes no direct cut of the USDC that is about 60% of its $3.8 billion in stablecoins, so the payoff depends on USDG winning that float.
Perspective Coverage
3 publishersReality
OKX launched OKX Money, an app that turns more than 50 local currencies into dollar stablecoins and pays up to 10% on eligible USDG balances. Who pays for that rate decides how long OKX can compete with local banks and remittance firms for emerging-market savings, and the company declined to say.
Perspective Coverage
7 publishersReality
Salus says attackers tied to Revenue turned signed USDG permits into unlimited allowances and drained wallets within the same transaction. No private key was needed, so a USDG holder's risk depends on the signatures they approve.
Reality
Circle told the European Commission that only 3 of the world's top 25 stablecoins are authorized under MiCA, in its response to the law's review. Circle issues two of the three, and it ties the gap to bank-deposit and concentration rules it wants loosened.
Perspective Coverage
5 publishersReality
Paxos's Global Dollar cleared $21.8bn of Uniswap volume in September on a circulating supply of about $3.2bn, a turnover cryptobriefing traces to a dynamic-fee hook for stablecoin pairs that went live on September 10.
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Dragonfly's Haseeb Qureshi and Uniswap's Hayden Adams say cheaper blockspace explains the falling fee line, and on the day's DefiLlama figures the chain took $403,000 while its traders paid Uniswap roughly twenty times that.
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Securitize's on-ramps and off-ramps now settle in Paxos' USDG. Global Dollar Network partners can collect up to all of the T-bill yield on the reserves backing it, and that yield share is why the default is worth choosing.
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The European Commission is expected to rule on stablecoin fungibility. Either answer moves a cost onto someone: holders lose reserve visibility, or European liquidity splits in two.
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