The latest report unveiled that the former employees of the JPMorgan, Intel, and TrustToken have collectively worked on a new stablecoin, USD Digital (USDD) under the company name “Global Currency Organization (GCO)”.
Despite the crashing market, new projects are constantly hitting the market. In fact, the market witnessed several new stablecoin projects – however, this stablecoin seems pretty interesting as it draws the attention of former employees of JP Morgan, Intel (INTC) and TrustToken.
USD Digital (USDD) is a new stablecoin in a market launched by Global Currency Organization (GCO) with a twist of adding a revenue-sharing model. In an announcement shared on October 1, the firm states that it wants to share the revenue among exchanges, wallet providers and over-the-counter desks.
Although there are several stablecoin already operating in a market, the team behind GCO seeks to make USDD as the first-ever stablecoin that share the revenues among the participating payers. With this move, GCO wants to ensure end-users can obtain more gateway to “move between fiat and cryptocurrencies” globally. At the moment, the application window is open for all participants including Apps, exchanges, financial institutions to join GCO’s global network.
Concerning the stable coin launch, Joe Vellanikaran, CEO of GCO said;
“We are excited to introduce a stable coin that is providing an institutional-grade digital currency to everyday traders,” said Mr.Vellanikaran, We set out to make the benefits of blockchain available to all, a vision that is bigger than any one company. We are thrilled to be releasing USDD and opening up the GCO network to institutional partners worldwide.”
As the GCO team belongs to JP Morgan, TrustToken and Intel, the firm said that the employees “have worked extensively in the stablecoin and finance industries”. In essence, the token/stablecoin is an ERC20 token built on top of the Ethereum network. GCO claims that USDD is fully backed by US dollars and can also be redeemable via the official website of GCO, “with attestations of the backing funds provided by Cohen & Co”, the platform said. Conclusively, while comparing the exiting stablecoins with USDD, CEO Vellenikaran said;
“With the rise of stablecoins such as USDC and GUSD, traders became aware of the importance of collateralization in the blockchain space. With USDD, we are taking the stability and security of a fully-backed stablecoin and opening it up to a global network of partners. This is the next evolution of the stablecoin industry, concluded Vellanikaran
Image Source – GCO Twitter