Stablecoin USDG has expanded from about $300 million to $3.5 billion in market capitalization over the past year, according to on-chain analyst EmberCN. The analyst said on Aug. 8 that the increase was closely tied to growth in the OKX ecosystem.

A large share of that supply is now concentrated on OKX’s X Layer. EmberCN said roughly $1.95 billion worth of USDG is held there, putting more than half of the stablecoin’s circulating supply on the network.

A sharp rise over 12 months

The figures cited by EmberCN point to a more than tenfold increase in USDG’s market value in a year. Based on the analyst’s account, the stablecoin’s supply grew steadily from around $300 million to $3.5 billion rather than moving in a short-lived spike.

That pace of expansion has pushed USDG higher in the stablecoin rankings. EmberCN said X Layer’s adoption helped lift USDG to become the sixth-largest stablecoin by market capitalization.

X Layer concentration stands out

Of the $3.5 billion total, about $1.95 billion is on OKX’s X Layer, according to the analyst. That means the network alone holds the majority of all USDG currently in circulation.

The concentration underscores how central the OKX ecosystem has become to USDG’s growth. In EmberCN’s framing, the token’s recent rise cannot be separated from activity taking place through OKX-linked infrastructure.

Analyst says growth came from usage, not incentives

EmberCN argued that USDG’s expansion was driven by real use cases rather than broad marketing efforts or large subsidy programs. The analyst described USDG as a stablecoin that is not widely recognized by the general public and has seen limited promotion or exposure.

That point matters because it suggests the growth was not primarily the result of a temporary campaign to attract users. EmberCN said the increase over the last year was sustained and organic, instead of being briefly inflated by heavy incentives.

What the trend may indicate

According to EmberCN, USDG’s steady climb offers a direct signal about the depth of activity inside the OKX Wallet ecosystem. The analyst said the token’s performance reflects user strength and engagement even during the current market slump.

The next confirmed reference point is the existing distribution itself: USDG stands at $3.5 billion in market capitalization, with around $1.95 billion on X Layer. Whether that concentration changes, or whether USDG maintains its position among the largest stablecoins, will depend on how usage inside the OKX ecosystem develops from here.

Source: en.bloomingbit.io