USDG Stablecoin Circulation on Solana Reaches $120 Million, Deepening Integration with Kamino Finance

NEW YORK – Global Dollar (USDG), the stablecoin issued by Paxos Digital Singapore, has rapidly ascended to become the sixth-largest stablecoin on the Solana blockchain, boasting a circulation of $120 million. A significant portion of this, $75 million, is actively deployed within Kamino Lend, a leading decentralized finance (DeFi) protocol on Solana, underscoring USDG's growing role as a core component of Kamino's credit layer.

The rapid expansion of USDG on Solana comes just five months after its introduction to the network in February 2025. This growth highlights the increasing demand for regulated and reliable stablecoins within Solana's high-throughput ecosystem. USDG is backed by cash and cash equivalents and is regulated by the Monetary Authority of Singapore (MAS) and Finland's FIN-FSA under the EU's Markets in Crypto-Assets (MiCA) framework.

Kamino Finance, a prominent Solana DeFi platform, has been instrumental in USDG's adoption. Kamino unifies lending, liquidity, and leverage, and its recently launched Kamino Lend V2 in late May 2025 introduced modular markets and enhanced features designed to scale on-chain credit. The protocol offers over $280,000 in monthly incentives for USDG on Kamino, further driving its integration.

The close collaboration between USDG and Kamino Lend signifies a strategic alignment to foster a robust and liquid stablecoin environment on Solana. Kamino's V2 upgrade has seen rapid adoption, with deposits exceeding $200 million and active borrowings surpassing $80 million shortly after its launch. This positions Kamino as a critical infrastructure provider for stablecoin utilization, including leveraged yield strategies and other DeFi applications.

The tweet from Kamino Finance emphasized this deepening relationship, stating, "> Five months ago, $USDG didn’t exist on Solana. Today, it ranks as the 6th largest stablecoin, with $120M in circulation, $75M deployed into Kamino Lend, and over $280K in monthly incentives on Kamino. $USDG is becoming core to Kamino’s credit layer." This sentiment reflects a concerted effort to establish USDG as a foundational asset within Solana's burgeoning DeFi landscape, leveraging the network's speed and low transaction costs.