Cryptocurrency firm BitGo has confirmed plans to launch the USD Standard (USDS) stablecoin in January next year.
The USD-pegged asset aims to transform the crypto space by challenging single issuers such as Tether and Circle.
Replying to @BitGo
💸 Introducing $USDS
The first open-participation stablecoin to redefine financial freedom.
Built on a foundation of transparency, USDS empowers the community by democratizing the stablecoin experience and putting the power back in your hands.
🏦 1:1 USD Backing: USDS is fully…
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The stablecoin market has long been dominated by players who prioritize profits over ecosystem growth. USDS addresses this imbalance by redirecting the majority of rewards to network participants rather than concentrating them with sole issuers.
USD Standard will focus on fairness, market neutrality, and transparency.
Furthermore, the asset’s reward system will deploy 98% of profits to individuals supporting the ecosystem, “unlike traditional stablecoins that funnel significant rewards back to issuers or a select group of partners.”
Why is USDS unique?
Stablecoins are digital tokens tied to real-world assets such as the United States dollar, designed to ensure stability in the volatile cryptocurrency market.
USDS targets trustworthiness and massive stability, enjoying backing from treasury bills, cash, and overnight repos, guaranteeing low risks and heightened liquidity.
Most importantly, BitGo’s USD Standard would be an open-participation stablecoin. That means anyone contributing liquidity will enjoy incentives.
USDS empowers the community by deploying rewards, democratizing the stablecoin experience, and putting the power back in your hands.
The stablecoin is available to global participants, including individuals, exchanges, DeFi platforms, and institutions. Eligible players can sign up with BitGo to start enjoying incentives.
The new stablecoin remains dedicated to market transparency and neutrality. Unlike other entities, BitGo targets solid participants from the broad network, not only issuers.
The massive rewards will propel adoption and surged liquidity, leading to a resilient and robust stablecoin ecosystem.
USDS will go beyond holding value. It rewards participants who support its ecosystem.
BitGo will distribute monthly profits from stablecoin’s reserves to liquidity providers.
Individuals who help the ecosystem operate smoothly will receive 98% of BitGo’s revenue, with 2% going to the platform issuer.
Further, they prioritize compliance to avoid securities regulations, which have stalled crypto projects such as Ripple’s XRP.
Source – usdstandar.com
BitGo eyes $10B cap
BitGo trusts its one-of-kind approach to stablecoins will attract enormous participants from global institutions looking for stability and incentives, eyeing $10B in assets within twelve months of USDS’ launch.
Also, USD Standard will join top crypto exchanges for wider audience accessibility.
Moreover, BitGo’s real-time PoR (proof-of-reserves) and monthly audits could make USDS more trustworthy than other assets in the cryptocurrency space.
BitGo plans to revolutionize the stablecoin marketplace with a unique USD Standard, scheduled for a January 2025 launch. USDS will prioritize institutional participants, incentivizing liquidity contributors, and regulatory compliance.
Crypto enthusiasts will likely watch how USDS would transform the stablecoin space and challenge established entities such as Tether and Circle.
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