USDG supply on Arbitrum surges 5x as Morpho and GMX record $56 million

The Arbitrum network is seeing rapid growth in stablecoin activity, with the Paxos-issued Global Dollar (USDG) supply increasing fivefold in recent weeks. Major decentralized finance (DeFi) platforms Morpho and GMX have reported notable increases in their USDG balances, underlining a significant expansion in stablecoin liquidity across Arbitrum’s ecosystem. Eco, a company tracking digital asset markets, shared data showing that USDG holdings on Morpho jumped from zero to $42.6 million, while GMX, a decentralized trading protocol, saw its USDG balance climb from zero to $13.7 million. These developments point to rising adoption of USDG on Arbitrum.

Source: CoinTurk News