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Figure Heloc Paxos’ USDG Breaks Into the Stablecoin Big Leagues But Who’s Actually Using It?
Timothy Young 
A $1B market cap hides a very concentrated reality
Paxos’ Global Dollar, better known as USDG, has climbed fast. Launched in November 2024, the dollar-backed stablecoin crossed the $1 billion market cap mark in just over a year, briefly touching around $1.5 billion. On the surface, that puts USDG in the same conversation as some of the largest stablecoins in crypto. Dig a little deeper, though, and the picture gets more complicated.
On-chain data from Etherscan shows extreme concentration. The top 100 wallets control roughly 99.97% of the total USDG supply. Zoom in further, and the top 10 wallets alone hold close to 80%. One of the most visible names among those wallets is Kraken’s “Hot Wallet 3,” alongside several large institutional-style addresses. Meanwhile, more than 2,000 wallets technically hold USDG, but most of them own tiny amounts.
That kind of distribution raises an obvious question. Is USDG seeing organic, grassroots usage, or is its growth being driven almost entirely by large players moving size around?
Liquidity is real, retail presence less so
Despite the concentration, USDG isn’t illiquid. According to CoinMarketCap, the stablecoin is now the seventh-largest by market cap and posts around $14–15 million in daily trading volume. That’s enough to matter, especially for exchanges, market makers, and cross-platform settlement.
Still, the gap between market cap and wallet distribution suggests USDG is being used more as infrastructure than as a retail cash equivalent. In other words, it looks like a stablecoin designed to move big money efficiently, not one being held widely by everyday users.
The Global Dollar Network is doing the heavy lifting
USDG’s rise is closely tied to the Global Dollar Network, or GDN, a partnership-driven ecosystem built around the token. Over the past year, the network has added more than 100 partners across exchanges, fintech apps, DeFi protocols, and infrastructure providers.
Notable names include Gemini, KuCoin, Wirex, Marinade, Archax, and Paxos itself. The incentive is straightforward. Partners are rewarded for minting, holding, and integrating USDG into their platforms. That model helps explain both the rapid supply growth and the wallet concentration. When large platforms and service providers are the primary users, tokens naturally cluster in fewer hands.
How USDG fits into the bigger stablecoin picture
The broader stablecoin market has roared back in 2025, especially across Asia. As of early 2026, total stablecoin market capitalization sits just under $308 billion. Tether still dominates with more than 60% market share, followed by Circle’s USDC and newer entrants like Ethena’s USDe.
USDG currently lives in the top 10, with most of its supply sitting on Solana at around 72%, followed by Ethereum at roughly 24%. That multi-chain footprint helps its case as a utility stablecoin, but it doesn’t automatically translate into broad adoption.
So who is USDG really for?
Right now, USDG looks less like a consumer stablecoin and more like a settlement layer for exchanges, funds, and fintech platforms. That’s not necessarily a bad thing. Many of the most successful financial tools operate quietly in the background.
The real test will be whether USDG can move beyond partner-driven usage and see more organic demand. In a market dominated by USDT and USDC, breaking habits is hard. USDG’s partnerships give it a seat at the table, but long-term relevance will depend on whether it becomes something people choose to hold — not just something institutions move around.
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