OKX's X Layer Has Lost US$471 Million of USDG Since September as Burns Outpace Minting
Between the September 1 and October 19 closes, US$679.3 million of USDG was burned on X Layer and US$209.5 million minted, a net burn of US$470 million. X Layer's USDG supply fell 26%, from US$1.793 billion to US$1.322 billion, and the chain now holds about 43% of USDG, below half.
- US$679.3 million of USDG was burned and US$209.5 million minted on X Layer between the September 1 and October 19 closes, a net burn of US$470 million that matches the US$471 million fall in the chain's supply to within US$1.3 million. see data →
- USDG supply on X Layer, the chain built by OKX, fell 26%, from US$1.793 billion to US$1.322 billion. Public-RPC reads agree (US$1,792.9 million at the Sep 1 block, US$1,321.0 million on Oct 19 at about 19:00 UTC). see data →
- US$631.5 million of the burns (93%) came from a wallet labelled as Paxos's hot wallet on Arkham, a redemption path. The other US$47.8 million was burned from other addresses, and the data do not say why.
- X Layer holds about 43% of USDG supply at the October 19 close (about 43% across the five chains in the daily series, 42.7% across all seven chains read), below half.
US$679.3 million of USDG was burned on X Layer, the chain built by OKX, between the September 1 and October 19 closes, against US$209.5 million minted, a net burn of US$470 million. USDG supply on X Layer fell 26% over the same closes, from US$1.793 billion to US$1.322 billion, and the chain now holds about 43% of USDG, below half.
Burns outran mints by US$470 million
Between September 1 and October 19 (00:00 UTC to 00:00 UTC), USDG mints on X Layer totaled US$209.5 million and burns US$679.3 million, a net burn of US$469.7 million. That reconciles with the US$471.0 million fall in the chain's supply over the same closes; the US$1.3 million gap is the timing of the supply reads, which are taken within an hour of midnight.
US$631.5 million of the burns, 93%, came from a wallet labelled as Paxos's hot wallet on Arkham, a redemption path. The remaining US$47.8 million was burned from other addresses, and this report makes no claim about why. The addresses of the customers who redeemed are unlabelled, so who redeemed is not known, and this report does not attribute the burns to any exchange or holder.
X Layer holds about 43% of USDG
At the October 19 close X Layer held US$1.322 billion of USDG, about 43% of the supply OnChain Benchmark reads on USDG's chains, so below half. Public-RPC supply across the seven chains read summed to US$3.130 billion on the same day, within 1.1% of the OnChain Benchmark figure.
Why it matters
X Layer is the chain built by OKX, a Global Dollar Network member that offers USDG to its customers, and it remains USDG's largest home. A 26% fall in supply there, with 93% of the burns going back through the issuer, shows how quickly the footprint of a partner-distributed stablecoin can change, and that the change on X Layer was mostly redemption to the issuer rather than tokens moving to other chains.
The data do not say why the burns happened or who redeemed. The open question is whether redemptions on X Layer continue through the next closes, and whether another chain overtakes it as USDG's largest home.
Mints from the zero address totaled US$209.5M and burns to it US$679.3M, a net burn of US$469.7M. Burns from the wallet labelled as Paxos's hot wallet on Arkham were US$631.5M, 93%.
OnChain Benchmark transfer events · X Layer USDGX Layer USDG supply was US$1,793M at the Sep 1 close and US$1,322M at the Oct 19 close. Public-RPC reads match: US$1,792.9M at the Sep 1 block and US$1,321.0M on Oct 19 at about 19:00 UTC.
OnChain Benchmark per-chain supply · Oct 19, 2026 00:00 UTC closeGlobal Dollar Network announced Mantle as a network partner and put USDG circulation above US$3 billion across 150-plus partners.
Global FinTech Series · Sep 2026Arbitrum (US$33.7M) and Mantle (US$0.5M) are outside the daily series. The seven-chain total is US$3.094B and X Layer is about 42.7% of it. The LayerZero-bridged USDG0 publishes no chain list and is the one residual unknown.
OnChain Benchmark methodology · onchainbenchmark.com/methodology- How much USDG has been burned on X Layer?
- A net US$470 million between the September 1 and October 19, 2026 closes: US$209.5 million was minted and US$679.3 million burned on X Layer. That matches the US$471 million fall in the chain's supply.
- Who redeemed the USDG on X Layer?
- Not visible onchain. 93% of the burns (US$631.5 million) came from a wallet labelled as Paxos's hot wallet on Arkham, a redemption path, but the customer addresses are unlabelled and no redeemer is named. The other US$47.8 million was burned from other addresses and the data do not say why.
- What share of USDG is on X Layer now?
- About 43% of USDG supply at the October 19, 2026 close, so below half: 43.2% across the five chains in the daily series and about 42.7% across all seven chains read.