BitGo Introduces A New Standard for Stablecoins: Meet USDS
September 18 2024 - 1:30AM
Business Wire
Open Participation Stablecoin that Rewards the
Ecosystem
Introducing USDS, the first open participation stablecoin
designed to redefine financial freedom. Built on a foundation of
transparency, USDS empowers the community by deploying rewards,
democratizing the stablecoin experience, and putting the power back
in your hands.
- 1:1 USD Backing: USDS is fully backed by a combination
of short-duration T-bills, overnight repos, and cash, ensuring high
liquidity and low risk.
- Participants Get Rewarded: Engage with the ecosystem by
providing liquidity and earn rewards. Every interaction with USDS
strengthens the network, benefiting all participants.
- Available January 2025: The future of stablecoins is
just around the corner. Get ready to experience a new era of
financial participation at www.usdstandard.com.
BitGo, the leading digital asset custodian, is pleased to
announce the launch of USDS: The USD Standard, a groundbreaking 1:1
USD-backed stablecoin that aims to transform the digital asset
landscape by prioritizing fairness, transparency, and market
neutrality.
USDS is designed to challenge the existing stablecoin market
dynamics, specifically targeting the dominance of single-issuers
like Circle and Tether. Unlike traditional stablecoins that funnel
significant rewards back to issuers or a select group of partners,
USDS introduces a novel reward system that deploys up to 98% of
earnings to participants who support the ecosystem. This approach
ensures that all eligible institutions, exchanges, liquidity
providers, and users are incentivized to support and grow the USDS
network, fostering a more inclusive and balanced ecosystem.
Key Features of USDS:
- 1:1 USD Backing: USDS is fully backed by a combination
of short-duration T-bills, overnight repos, and cash, ensuring high
liquidity and low risk.
- Regulatory Compliant: Issued by BitGo New York Trust
Co.
- Real-Time Proof-of-Reserves: Transparency is at the core
of USDS, with real-time proof-of-reserves published on
usdstandard.com and monthly audits conducted by top-tier accounting
firms.
- Global Accessibility: Available to institutions,
individuals, and DeFi participants worldwide, USDS provides easy
onramps from USD, USDC, and USDT with no conversion fees.
Why USDS Now?
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. By
doing so, BitGo aims to grow the pie and make it easier than ever
for anyone and everyone to participate in the future of
finance.
Who Can Benefit from USDS?
USDS is accessible to a global audience, including institutions,
individuals, and DeFi platforms. Eligible participants, such as
institutional exchanges and liquidity providers, can register with
BitGo to start earning rewards, calculated based on their
contribution to the USDS ecosystem.
A Vision for Market Neutrality
At the heart of USDS is a commitment to market neutrality. BitGo
recognizes that a successful stablecoin requires the active
participation of a broad network, not just the issuer. By deploying
rewards across the network, USDS encourages widespread adoption and
deep liquidity, creating a more robust and resilient stablecoin
ecosystem.
About BitGo
BitGo is the leading infrastructure provider of digital asset
solutions, offering custody, wallets, staking, trading, financing
and settlement out of regulated cold storage. Founded in 2013,
BitGo is the first digital asset company to focus exclusively on
serving institutional clients.
BitGo is dedicated to advancing a digital financial services
economy that is borderless and accessible 24/7. With multiple Trust
companies around the world, BitGo is the preferred security and
operational backbone for more than 1,500 institutional clients in
50 countries, including many of the world’s top brands,
cryptocurrency exchanges, and platforms. BitGo also secures
approximately 20% of all on-chain Bitcoin transactions by value and
is the largest independent digital asset custodian. For more
information, please visit www.bitgo.com.
For more information on USDS, visit USDStandard.com
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