USDG Lending on Morpho Reaches $44 Million on Arbitrum

USDG lending on Morpho’s Arbitrum market reached $44 million in total value locked. Paxos launched the stablecoin on Arbitrum One on Oct. 6, with Morpho lending available from the start.

The rollout also included USDG trading through Fluid and Uniswap, access to a GLV USDG vault from GMX, and deposit and withdrawal support from Kraken. Maple added its syrupUSDG product. The launch details are in TokenPost’s earlier coverage of USDG on Arbitrum One.

Arbitrum held about $4 billion in stablecoins when the launch took place. USDG circulation across all networks exceeded $3 billion.

A separate Morpho deployment on Robinhood Chain serves Robinhood Earn deposits. Those deposits grew from $9.5 million on July 1 to $456 million on Aug. 31. They were measured on a different network and before USDG’s Arbitrum launch.