USDG Market Value Jumps 10-Fold in a Year on OKX Ecosystem Growth

The market capitalization of stablecoin USDG, a digital asset pegged to fiat currency, has grown more than tenfold over the past year.

On Aug. 8, on-chain analyst EmberCN wrote on X that USDG's market value had risen from $300 million to $3.5 billion in a year, driven by growth in the OKX ecosystem. Of that total, about $1.95 billion is on OKX's X Layer. That means more than half of all USDG issuance is concentrated on X Layer.

EmberCN also highlighted that USDG expanded through real-world use cases without major marketing campaigns or subsidies. USDG is not a stablecoin widely known to the public and has had limited promotion or exposure, the analyst wrote. Even so, X Layer helped lift it to the sixth-largest stablecoin by market capitalization through actual usage.

The analyst added that USDG's growth was not inflated by heavy subsidy spending over a short period. Instead, it has expanded steadily over the past year. EmberCN said that offers a clear indication of how strong the OKX Wallet user base and activity remain even in the current market slump.