BITGO ANNOUNCES NEW STABLECOIN, USDS, SET TO LAUNCH NEXT YEAR
- @BitGo, a crypto custody giant, announces new stablecoin, USDS, set to be launched in 2025.
- Unveiled at Token2049 in Singapore, USDS aims to offer a distinctive approach to dollar-backed stablecoins.
Key Details:
- USDS will be supported by short-term treasury bills, overnight repos, and cash, similar to existing stablecoins.
- Unlike traditional stablecoins, USDS will reportedly be an open-participation stablecoin. This means it will reward institutions that contribute liquidity to the ecosystem.
- USDS will be available to institutions, individuals, and DeFi participants worldwide, with an easy onramp from USD, USDC, and USDT.
- Institutions providing liquidity will benefit from returns generated by USDS’s reserves. This reward system is designed to promote broader participation and network growth.
- According to BitGo CEO Mike Belshe, USDS aims to enhance fairness and openness in the stablecoin market. "We see an opportunity to create something more inclusive and rewarding," said Belshe.
Image: BitGo on X
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