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BitGo’s USDS Stablecoin to Challenge Tether with $10B Target

Andras Crow-Hreidar by Andras Crow-Hreidar
September 18, 2024
in Crypto, News
Reading Time: 2 mins read
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BitGo’s USDS Stablecoin to Challenge Tether with $10B Target
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BitGo, a leading name in crypto custody, is poised to revolutionize the stablecoin market. Set to launch in January 2025, their new stablecoin, USDS, offers a unique proposition in a field dominated by big players like Tether and Circle. BitGo aims to distinguish USDS by rewarding institutions that contribute liquidity to their network, introducing a feature that no other stablecoin currently offers.

What Makes USDS Different?

blockdag 70m

Stablecoins are designed to be stable by nature, typically pegged to real-world assets like the U.S. dollar, making them a valuable asset in the volatile crypto space. USDS will be backed by treasury bills, overnight repos, and cash, ensuring its solidity and trustworthiness. However, what sets USDS apart is BitGo’s vision of creating an “open-participation” stablecoin. This means anyone who adds liquidity to the system can earn rewards, not just a select few.

According to BitGo’s CEO Mike Belshe, “A stablecoin’s true value comes from the people using it, the liquidity they provide, and the access points for interchange.” USDS is not just another coin; it’s about enriching the entire ecosystem and making it more rewarding for those who help sustain it.

Why Should Liquidity Providers Care?

Unlike other stablecoins, USDS doesn’t merely hold value. It actively rewards institutions that support it. BitGo plans to distribute the returns generated from the stablecoin’s reserves back to the liquidity providers on a monthly basis. This approach is akin to receiving payments for aiding the system’s smooth operation. Importantly, BitGo is taking careful steps to ensure compliance with securities laws, avoiding pitfalls that have ensnared other crypto projects.

Belshe elaborated, “At the end of each month, we generate some return from the cash held in the underlying fund and pass it back to participants on a pro-rata basis.” This method provides a win-win scenario for all parties involved.

BitGo Aiming High

BitGo is setting ambitious goals, aiming to accumulate $10 billion in assets within a year. While this is a significant target, they believe their unique approach will attract major institutions seeking both stability and rewards. Additionally, USDS will be listed on major exchanges, broadening its accessibility to a wider audience.

Transparency is also a cornerstone of BitGo’s strategy. They are committed to offering real-time proof of reserves and conducting monthly audits. This level of transparency could enhance trust in USDS, setting it apart from some other stablecoins in the market.

Also Read: Ripple News: XRP Payments Now Live in South Korea

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Andras Crow-Hreidar

Andras Crow-Hreidar

Hi there, my name is András and I'm a business and finance journalist living in Norway. My passion lies in uncovering the latest stories in the world of finance and delivering them to my readers in a way that's clear and engaging. I cover a wide range of topics in the finance world, including cryptocurrencies, which I believe have the potential to transform the way we interact with money and financial systems.As a journalist, I'm committed to providing my readers with accurate and reliable reporting. I believe that access to high-quality information is essential for making informed decisions, whether it's about personal finances or investments. When I'm not writing about finance, I enjoy a variety of hobbies and interests.

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