BitGo has announced plans to launch a new stablecoin called USDS in January 2025. The new product is designed to enhance transparency and fairness in the stablecoin market.
Key Features of USDS
According to the company's press release, BitGo aims to address the current stablecoin market's focus on profit over ecosystem growth. USDS will redistribute up to 98% of its earnings to network participants, including institutions, exchanges, liquidity providers, and users, fostering a more balanced and inclusive network.
Transparency and Reliability
USDS will be fully backed by short-duration T-bills, overnight repos, and cash, ensuring high liquidity and low risk. BitGo also emphasizes the importance of transparency, providing real-time proof of reserves on a dedicated platform and monthly audits conducted by leading accounting firms.
BitGo's Strategic Moves
The launch of USDS comes on the heels of a significant milestone for the company — acquiring the Major Payment Institution License from the Monetary Authority of Singapore. This license allows BitGo to offer regulated digital payment token services to Singapore residents, further cementing the company's position in the digital asset market.
In summary, BitGo aims to transform the stablecoin market by implementing a fair reward system and ensuring maximum transparency and liquidity with its new USDS product.
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