24h Change+0.0014%
All Time HighJan 30, 2025$1.65
All Time LowNov 11, 2024$0.91
Market Cap$2.876b
Fully Diluted Valuation$2.876b
Circ. Supply2.878b USDG
CEX Volume$23.85m
DEX Volume$27.25m
How much debt can be issued against USDG as collateral across lending protocols.
Maximum possible exposure to USDG
$991,313
$0 (max additional borrows against USDG) + $991,313 (bad debt if USDG was hacked now)
Aave V3
$991,313 at-risk exposure = $991,313 bad debt if hacked + $0 additional borrowable against USDG
Showing collateral exposure for USDG on onchain. Max Borrowable uses the backend's liquidity-bounded borrow-capacity metric (`collateralMaxBorrowUsdLiquidity`) for the maximum additional USD debt that can be issued against the asset right now. Bad Debt at $0 is the minimum known bad debt if the collateral asset price goes to zero; null rows are excluded from this total rather than treated as zero, so totals may remain lower bounds.
Each row is one protocol-chain exposure for USDG as collateral. Bad debt at $0 totals remain lower bounds when a row is marked partial.
Protocol | Chain | |||
|---|---|---|---|---|
USDG0xe343167631d89b6ffc58b88d6b7fb0228795491d | $0 | $991,313 |
Risk-management actions published about USDG by tracked risk managers and governance contributors, newest first.
A proposal was published to add USDG as a backing asset for USDe, citing its regulatory status in Singapore (MAS), the EU (MiCA), and the US (GENIUS Act), along with monthly attestations by KPMG.
As the underlying asset for PT-USDG-28MAY2026, USDG's stability was validated in the prior V3 risk analysis, supporting the safe extension of this fixed-rate collateral structure to Aave V4.
USDG features a regulated reserve structure with Paxos custody, but Solana supply halved recently due to a liquidity shift to OKX's X Layer, raising holder concentration concerns at 67.91% in top 5 wallets mostly institutional. DEX liquidity supports small-scale liquidations, validating it as collateral and debt at conservative caps pending issuer clarification on contraction.
USDG is a fiat-backed USD stablecoin with 1:1 reserves in cash and short-dated US government securities, held in segregated accounts at DBS Bank and Standard Chartered, under robust multi-jurisdictional regulation including MAS, MiCA, and US GENIUS Act. LlamaRisk supports its use as USDe backing due to tight peg stability, monthly KPMG attestations, and phased allocation to monitor custodial concentration and centralized governance risks.
USDG supply grew +$18M, and debt increased +$9.3M driven by demand in OnRe and other RWA markets. It supported the shift toward USD-anchored borrowing.
Paxos onboarding allows fee-free exchanges with PYUSD, enhancing liquidity routing in Spark without counterparty fees. Limits are calibrated for expected usage, prioritizing regulated cash-backed stability over solvency concerns.
USDG accounted for 9.5% of repaid debt in liquidations as a borrowed stablecoin. The event highlighted efficient handling in the Altcoin Market with $666k in total liquidations.
Proposed addition as USDe backing and Reserve Fund asset, leveraging its fully reserved status, transparent redemptions, and daily attestations to broaden exposure to liquid fiat-backed stables and improve overall protocol resilience.
USDG experienced $20.4M supply outflows and $11M debt reduction as users pivoted to incentivized assets like PYUSD and USDC. This contributed to mixed stablecoin debt trends despite overall category growth.
USDG is issued by Paxos entities under MAS and FIN-FSA licenses with segregated reserves primarily in cash at DBS Bank and Banking Circle plus short-term US Treasuries, attested monthly by Enrome LLP, offering conservative liquidity and regulatory safeguards for USDe backing.
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Showing 10 of 36 pools
Pool | Project | Chain | 30d APY Chart | ||||||
|---|---|---|---|---|---|---|---|---|---|
| open in new tabUSDG | $7.97m | 7.74% | 7.74% | 5.57% | |||||
| open in new tabUSDGFor buying PT-USDG-24SEPT2026 | $4.09m | 5.50% | 5.50% | 5.01% | |||||
| open in new tabUSDGMain Market | $3.78m | 5.41% | 5.41% | 6.40% | |||||
| open in new tabUSDGEarn | $3.66m | 5.96% | 5.96% | 5.33% | |||||
| open in new tabSOL-USDG | $3.3m | 9.78% | 9.78% | 11.57% | |||||
| open in new tabUSDGOnRe Market | $657,007 | 8.10% | 8.10% | 8.34% | |||||
| open in new tabUSDGMaple Market | $31,405 | 5.41% | 5.41% | 6.21% | |||||
| open in new tabKBTC-USDGCL100 - 0.18% | $28,620 | 34.40% | 34.40% | 63.43% | |||||
| open in new tabUSDGBitcoin Market | $7,943 | 5.41% | 5.41% | 5.25% | |||||
| open in new tabUSDGJTO Market | $6,360 | 11.56% | 11.56% | 44.62% |
Showing 10 of 56 routes
Pool | Project | Chain | |||||||
|---|---|---|---|---|---|---|---|---|---|
| open in new tabUSDG âžž CBBTC | $40.28m | 5.17% | 5.41% | -0.30% | 80% | $29.12m | $25.35m | ||
| open in new tabUSDG âžž JUPSOL | $38.52m | 4.34% | 5.41% | -1.34% | 80% | $29.12m | $25.35m | ||
| open in new tabUSDG âžž JITOSOL | $16.06m | 5.40% | 5.41% | -0.01% | 80% | $29.12m | $25.35m | ||
| open in new tabUSDG âžž XBTC | $13.11m | 5.28% | 5.41% | -0.16% | 80% | $29.12m | $25.35m | ||
| open in new tabUSDG âžž PSOL | $5.36m | 4.37% | 5.41% | -1.30% | 80% | $29.12m | $25.35m | ||
| open in new tabUSDG âžž MSOL | $2.54m | 5.40% | 5.41% | -0.01% | 80% | $29.12m | $25.35m | ||
| open in new tabUSDG âžž WBTC | $696,254 | 5.40% | 5.41% | -0.01% | 80% | $29.12m | $25.35m | ||
| open in new tabUSDG âžž JTO | $387,456 | 5.40% | 5.41% | -0.01% | 80% | $29.12m | $25.35m | ||
| open in new tabUSDG âžž CASH | $42,330 | 5.41% | 5.41% | 0% | 80% | $29.12m | $25.35m | ||
| open in new tabUSDG âžž BONKSOL | $28,917 | 4.39% | 5.41% | -1.28% | 80% | $29.12m | $25.35m |
