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The Global Currency Organization (GCO), led by former employees of JP Morgan, Intel, and TrustToken, is launching a new U.S. dollar-backed stablecoin, called the USD Digital (USDD).
“We are excited to introduce a stablecoin that is providing an institutional-grade digital currency to everyday traders. We set out to make the benefits of blockchain available to all, a vision that is bigger than any one company. We are thrilled to be releasing USDD and opening up the GCO network to institutional partners worldwide,” Joe Vellanikaran, GCO CEO, said.
With the aim to break through with exchanges, traders, and OTC desks seeking a stablecoin product, GCO’s fifty-fifty revenue sharing model will help encourage the adoption of the stablecoin, CoinDesk noted. USDD will be placed on the ethereum blockchain to ensure transparency.
“It’s the best of both worlds,” Vellanikaran said, as institutions get both the stablecoins and the revenue that GCO shares with them.
As per a press release, the new project aims to make the proposed stablecoin available to a worldwide network of partners to focus on the potential for end-users to move between cryptocurrencies and fiat. GCO wants to bridge the gap between traditional and decentralized finance.
He further noted that the increasing popularity of stablecoins like USDC and GUSD made investors realize the importance of collateralization in the blockchain ecosystem.
“With USDD, we are taking the stability and security of a fully-backed stablecoin and opening it up to a global network of partners. This is the next evolution of the stablecoin industry,” he said.
He plans to accelerate the worldwide adoption of blockchain-based currencies, which he believes will come about “in the next 10 to 20 years,” noting that the global shift will only happen with support from institutions.
Last month, Binance launched its New York State Department of Financial Services (NYDFS)-approved stablecoin Binance USD (BUSD), a strategic step for the cryptocurrency exchange to offer on-chain financial services for users worldwide.
