Depends, really it would need proper consideration and design.
Given it's the same voltage as the overall installation I would expect a proper bond to the earth/CPC of that circuit and utilise the general earthing arrangements.
This is pretty common with 110v supplies, the isolating transformer has the secondary earthed to the earth/cpc of the primary, it's also the case for many ELV supplies where one side of the secondary, (or the -ve in the case of dc supplies) is connected to the earth/CPC of the supply.
However, there are circumstances where this may be inappropriate, then are then either isolated, or provided with a totally separate earthing system.
Some hf and audio applications come to mind.