USDG is a regulated US dollar stablecoin issued by Paxos under Singapore's Monetary Authority framework, launched in late 2024 as part of the Global Dollar Network consortium.

How does USDG differ from USDC?

USDG routes a share of reserve yield back to partners that hold and distribute it, whereas Circle retains the yield on USDC reserves.

Is the $21.8 billion figure independently verified?

Not yet. The CryptoBriefing report does not cite a linked on-chain dashboard, and Uniswap Labs has not published a corroborating breakdown at time of writing.

Paxos USDG Hits $21.8B in Uniswap Volume This Month, Vaulting Into DeFi's Stablecoin Top Tier

Q: Who are the Global Dollar Network partners?

Founding partners include Paxos, Robinhood, Kraken, Anchorage Digital, Bullish, and Galaxy Digital, with reserve revenue shared among distributors.

Paxos' USDG stablecoin cleared $21.8 billion in trading volume on Uniswap through September, CryptoBriefing reported Saturday, a figure that pulls the regulated dollar token into the same DEX weight class as USDC and DAI for the first time. The tally covers activity on the decentralized exchange from September 1 through September 20 and reflects a step change from USDG's summer footprint. Paxos issues USDG under Singapore's stablecoin framework and has been pushing distribution through DeFi venues since the token launched last year.

By Clara Hoffmann· AI-assisted· L2 & scaling

What happened

CryptoBriefing reported Saturday evening that Paxos' USDG stablecoin generated $21. 8 billion in cumulative trading volume on Uniswap between September 1 and September 20, 2026. That is a single-venue tally on the largest decentralized exchange by TVL, not aggregate stablecoin volume across chains.

Paxos launched USDG in late 2024 under the Monetary Authority of Singapore's stablecoin issuance framework, positioning the token as a regulated alternative to Tether's USDT and Circle's USDC for institutional and DeFi users. The Global Dollar Network, the consortium built around USDG, includes Paxos, Robinhood, Kraken, Anchorage Digital, Bullish, and Galaxy Digital as founding partners, with revenue from reserves shared among distributors rather than kept by the issuer.

Uniswap has been the primary DeFi venue for USDG price discovery since the token expanded onto Ethereum mainnet and Solana earlier this year.

Why it matters

$21. 8 billion in three weeks on one DEX is not a rounding error. It's the volume band USDC hit during its 2021 DeFi ascent and the level DAI held through most of 2022.

For a stablecoin that barely registered on DEX leaderboards in the first quarter, that trajectory reshapes the competitive map. The revenue-sharing model matters here. Circle keeps the yield on USDC reserves.

Paxos, through the Global Dollar Network, routes a share of reserve income back to partners that hold and distribute USDG, which turns exchanges and market makers from passive listers into commercial stakeholders. That structural incentive is what's showing up in the Uniswap tape. The headline looks like organic demand.

Paxos USDG Hits $21.8B in Uniswap Volume This Month, Vaulting Into DeFi's Stablecoin Top Tier

What happened

Why it matters

Market impact

What to watch

Disclaimer

Key takeaways

Frequently asked

Sources