USDG reached $61.32M on Arbitrum in its first 26 days

Less than four weeks after launching on Arbitrum One on October 6, USDG closed October 31 with $61.32 million in supply. The Arbitrum Foundation’s OpCo October update and Entropy Advisors’ monthly report together give the first complete picture of how that opening stretch actually went.

The Foundation ran an incentive program alongside the launch. Its Stablecoin Growth Program, which kicked off October 15, offers a 2 million ARB prize pool split across the first ten teams to hit $10 million in USDG total value locked. That works out to 200,000 ARB per qualifying team — about $28,000 per team at $0.14 per ARB, or roughly $280,000 in aggregate if all ten slots fill.

Entropy Advisors’ October report separately records about $19.7 million in USDG minted from USDC during the month. That figure sits apart from the $61.32 million month-end supply number; the documents don’t establish how much of the total reflects earlier issuance, transfers, or redemptions.

The Arbitrum Treasury Management Committee kept rotating the DAO’s stablecoin holdings toward USDG through October. It pulled about $12.4 million from sUSDC and roughly $5.9 million from syrupUSDC — approximately $18.3 million in total withdrawals across those two positions. The practical consequence is that the DAO’s treasury yield exposure may shift toward Paxos’s Global Dollar Network rather than sitting in USDC-denominated instruments where Arbitrum captures no direct cut of reserve income. The documents don’t specify what share of USDG reserve income actually flows back to the DAO.

Brendan Ma, the Arbitrum Foundation’s head of investment strategy, wrote: “With USDG, Arbitrum and builders across the platform now have a stake in the growth upside.” The same report places USDG seventh among stablecoins by market capitalization, with about $3.09 billion in circulation globally.

October’s integrations added distribution and yield routes on the network. The OpCo update lists Uniswap liquidity, DeFi Saver, a Twyne vault, and Beefy’s listing of the Gauntlet USDG vault. On October 27, three 21-day setup campaigns launched for Uniswap v4 USDG pools.

DRIP Season 2 supplied the main incentive layer. Its first two 14-day epochs ran October 5 through November 2, and reward-eligible TVL across the three USDG opportunities reached about $141 million by month’s end — a figure that measures those incentive opportunities broadly, not USDG’s $61.32 million supply figure on Arbitrum One.

Governance ran on its own track. The Snapshot vote on adopting USDG as a core strategic initiative for ArbitrumDAO closed October 22 with 94.7% of roughly 210.7 million ARB cast in favor, with the remaining 5.3% not voting in favor. The onchain vote then ran October 29 through November 12.

The proposal includes a potential 100 million ARB top-up for USDG incentives — worth about $14 million at an implied price of $0.14 per token. Whether that allocation advances depended on the onchain outcome, which the October reports don’t record.

The previous OpCo transparency report, published in May 2026, covered November 2025 through April 2026. October’s monthly record adds supply data, treasury movements, integration milestones, incentive TVL, and governance results to that log.

The numbers after month one: $61.32 million in Arbitrum One supply, $19.7 million minted from USDC, $141 million in reward-eligible TVL, and a governance vote scheduled to close November 12.