Paxos stablecoins USDG and PYUSD add $314M in market cap across chains

The stablecoin market has a new momentum story, and it is being written by Paxos. The company’s two flagship tokens, Global Dollar (USDG) and PayPal USD (PYUSD), together added $313.6 million in combined market capitalization over a single 30-day window ending in mid-August 2026.

USDG is doing the heavy lifting

Of the $313.6 million in combined growth, USDG accounted for roughly $305 million, leaving PYUSD a smaller but still meaningful slice of the expansion.

USDG’s total market cap now sits at approximately $3.4 billion, with a circulating supply that mirrors that figure given its 1:1 peg to USD assets including Treasuries and cash equivalents.

A key driver of USDG’s growth is its designation as the native stablecoin on Robinhood Chain. After that integration went live, USDG’s supply on the network climbed to hundreds of millions within a short period.

The infrastructure advantage Paxos keeps building

Paxos runs a mint and redeem model with zero fees. Both USDG and PYUSD are backed by USD assets and sit under oversight from the Office of the Comptroller of the Currency. Paxos attests its reserves monthly.

Visa’s decision to support both USDG and PYUSD for payment settlement, a move the card network made in 2025, added another layer of institutional credibility.

PYUSD has expanded through PayPal’s distribution network into dozens of markets globally, benefiting from being embedded in an existing payment interface that hundreds of millions of users already navigate.