Arbitrum joins Paxos-led stablecoin group Global Dollar to capture digital dollar growth
The Ethereum layer-2 is backing Paxos-issued USDG to earn a share of reserve income as new stablecoin alliances compete for distribution, users and reserve economics.
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Summary
- Paxos-issued Global Dollar (USDG) is launching across Arbitrum’s DeFi ecosystem, including Morpho, GMX, Fluid and Maple, with Kraken providing on- and off-ramps.
- Arbitrum aims a share of the economics generated by stablecoins on its network, which currently holds about $3.8 billion of them, roughly 60% in Circle’s USDC.
- Stablecoin alliances are multiplying, with OpenUSD drawing support from Mastercard, Visa, Stripe, Coinbase and Shopify, while Qivalis is backed by 37 European banks.
