Underlying asset
USDG
Issued by Paxos. The facts below were checked on the date shown, from the sources listed.
USDG is issued by Paxos. What stands behind it: short-dated government bills. Only approved holders can redeem it; others leave by selling. Part of its yield on Pendle is a campaign of incentives, not the asset's own earnings.
Facts
- Issuer
- Paxos
- What stands behind it
- short-dated government bills
- Strategy
- cash and short-dated government paper at a custodian
- Valued in
- USD
- Position in the capital stack
- not a tranche
- Who has to keep a promise
- a regulated issuer
- Redemption
- redeemed only by approved holders
- Who can change it
- a timelock · 24 h delay · the admin role · also the token's owner; the X Layer deployment has its own timelock with the same delay 0x9036566eaa5f83e0b9e1161c6c602b0adf997654 (Ethereum)
- Audits
- Zellic, 2026-02
Halborn, 2025-11
Zellic, 2024-11
Trail of Bits, 2024-11
Also named by the issuer, without a linked report: KPMG (reserves) - Bug bounty
- up to $1,000,000 on Cantina
- Depends on
- none recorded
- Chains
- Ethereum, X Layer
- Checked
- 2026-10-01, from the issuer's own documents
- Sources
- https://docs.paxos.com/guides/stablecoin/usdg
https://www.paxos.com/usdg-transparency
https://www.paxos.com/terms-and-conditions/stablecoin-terms-conditions
https://www.paxos.com/blog/usdg-and-global-dollar-network-reshaping-the-future-of-stablecoins
https://github.com/paxosglobal/usdg-contract
https://github.com/paxosglobal/paxos-token-contracts
https://github.com/paxosglobal/paxos-token-contracts/blob/master/audits/Paxos%20USDG%20Rewards%20-%20Zellic%20Audit%20Report.pdf
https://github.com/paxosglobal/paxos-token-contracts/blob/master/audits/Paxos%20Token%20Contracts%20Halborn%20Audit%20Report.pdf
https://github.com/paxosglobal/paxos-token-contracts/blob/master/audits/Paxos%20Stablecoin%20-%20Zellic%20Audit%20Report.pdf
https://github.com/paxosglobal/paxos-token-contracts/blob/master/audits/Paxos%20-%20Cross%20Chain%20Integration%20-%20Trail%20Of%20Bits%20Audit%20Report.pdf
https://www.paxos.com/blog/paxos-launches-1m-bug-bounty-on-cantina
https://cantina.xyz/bounties/6a6ef71c-383d-4357-85c1-a0d1dbb6659b
Pendle markets on it
Live Pendle markets on this asset, as of 6 Oct 2026. Rates are not shown. Market data: Pendle.
| Chain | Maturity | Principal token |
|---|---|---|
| X Layer | 2026-10-29 | PT-USDG-29OCT2026 |
| X Layer | 2027-02-25 | PT-USDG-25FEB2027 |
| Ethereum | 2027-03-25 | PT-USDG-25MAR2027 |
Not found
What the research has not answered for this asset, said rather than left blank.
- All six questions are answered for this asset.
- Incidents: this encyclopedia does not yet keep a record of incidents from primary sources.