BitGo will launch USDS stablecoin, providing liquidity rewards to ecosystem participants
According to CoinDesk, cryptocurrency custodian BitGo announced plans to launch the US dollar stablecoin USDS at the "Token2049" conference in Singapore. The stablecoin will stand out in this crowded market by rewarding institutions that provide liquidity.
USDS will be supported by short-term Treasury bills, Overnight Repo, and cash, making it BitGo's first open participation stablecoin. The company stated that USDS will be launched in January 2025.
BitGo CEO Mike Belshe said in an interview with CoinDesk:
The main reason for launching USDS is that while existing stablecoins have great features, we believe there is an opportunity to create a more open and fair system that promotes innovation, and most importantly, rewards those who construct the network. The true value of stablecoins comes from the people who use them, the liquidity they provide, and the access points for exchange
At present, the stablecoin market is dominated by Tether's USDT, with a market value of approximately $119 billion, followed by Circle's USDC, with a market value of approximately $35.4 billion. Unlike its competitors, BitGo's USDS adopts a reward based approach, incentivizing institutions that provide liquidity to the USDS network by allocating a portion of the rewards generated from stablecoin reserves.
Belshe said, "At the end of each month, we earn some returns from the cash held by the underlying fund, and then we proportionally return these returns to participants based on the custody of the assets." He pointed out that this mechanism may sound similar to dividends, resulting in the entire operation being classified as an investment contract, but the difference is that it does not distribute the returns to end-users, but to institutions that provide liquidity.
Other US dollar stablecoins have also attempted to create income based stablecoins and reward end-users, but as a compromise, they had to exclude the US market, such as the Lift dollar (USDL) issued by Paxos.
相关文章:
相关推荐:
- 虚拟货币看盘新加坡正规安装包最新榜单 虚拟货币看盘安装包能赚钱安卓榜单
- 10月31日大成景阳领先混合C净值下跌0.01%,近1个月累计下跌4.69%
- 2023年全球十大区块链加密货币交易所排名介绍 usdt交易所全球100排名
- 华大九天(301269.SZ):上海建元拟减持不超0.5%股份
- 比特币波动率再次回升,达到5月中旬以来高点
- MATIC今日行情走势-MATIC实时价格走势-7月4日MATIC最新价格
- 10月31日西部利得新富混合A净值下跌1.94%,今年来累计下跌15.87%
- 正规数字货币交易平台app下载安卓 Gate.io官方网站地址
- 10月31日安信新趋势混合C净值增长0.06%,今年来累计上涨3.86%
- 10月31日华宝服务优选混合净值增长0.70%,近3个月累计上涨20.49%