Paxos USDG Attestation Report Published With Over $29M in Collateral

Key Points:

• Paxos’ second USDG attestation report shows significant growth, with the number of tokens on Ethereum reaching 29,386,864 by November 29, 2024.
• The report confirms that the value of redemption assets for USDG is at least $29,467,869, ensuring the stablecoin is fully backed.

Stablecoin issuer Paxos just released its second attestation report, which reflects significant increases in its number of USDG tokens.

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Paxos Reports Significant Growth in Second USDG Attestation Report

According to the USDG attestation report, as of 29th November 2024, the number of tokens held in the USDG contract on the Ethereum network reached 29,386,864, increasing by 18,636,724 from the close of October.

The USDG attestation report indicates that the fair value of the redemption assets backing up USDG is at least $29,467,869, which ensures the number of USDG tokens does not exceed the balance of the redemption assets. The report is provided by Enrome LLP, an independent accounting firm, in compliance with standards set by the Institute of Singapore Chartered Accountants (ISCA).

USDG Stablecoin Keeps Growing and Is Going to Support Several Blockchains

The USDG went live in November and is a 1:1 US-dollar-collateralized stablecoin, but it actually falls under the Monetary Authority of Singapore’s framework for being regulated. It’s from Paxos in collaboration with Southeast Asia’s largest bank, DBS, which is responsible for the management of the US dollar reserves.

Initially issued on the Ethereum blockchain, USDG is expected to expand its support to other blockchains soon, which would further increase its reach and utility in the growing stablecoin market.