A group of people who used to be part of the team at major outfits like TrustToken, Intel and JPMorgan, have announced a new company which will issue a stablecoin backed by the dollar. The stablecoin will however have a profit sharing method, which will distribute revenue to establishments who adopt it.
The new company is called the Global Currency Organization (GCO) and will issue the stablecoin with the aim of satisfying the desires of any OTC desks, exchanges or interested individuals, who for some reason or another, are unable to issue a stablecoin on their own. The new coin, USD Digital Token (USDD), will share any revenues using a fifty-fifty model, with the hope that this will encourage more establishments to consider its adoption. Also, the USDD will be powered by the Ethereum blockchain to ensure that all users are satisfied with transparency and efficiency.
According to Joe Vellanikaran, the CEO of GCO:
“It’s the best of both worlds. They get the stablecoin, and they get the revenue that GCO shares with them.”
The CEO believes that it’s only a matter of time before there’s considerable adoption of cryptocurrencies globally, and hopes to do everything he can, to speed up this inevitable process. Vellanikaran believes that this could happen sometime within 10 to 20 years but will only happen if there is enough corporate support.
Recently, we reported that some instability in the Ethereum network affected the DAI stablecoin. Hopefully, the network becomes a lot more stable as more projects like the USDD are being on-boarded.
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