Palo Alto-based crypto custody firm BitGo has launched a new stablecoin, USDS, that is set to go live in January 2025.
The company says the stablecoin will be fully backed by U.S. dollars through a mix of short-term Treasury bills, overnight repos, and cash in a bid to ensure liquidity and minimize risk.
New Approach to Stablecoin Rewards
According to a September 18 statement from BitGo, its proposed offering will differ from existing dominant stablecoins like Tether (USDT) and Circle’s USDC by employing an open participation model.
That approach will reportedly allow as much as 98% of earnings generated from USDS’s reserves to go to its network participants, including liquidity providers and institutional exchanges. Traditionally, stablecoin returns have mostly gone to issuers or a limited group of stakeholders.
Furthermore, transparency seems to be a key selling point for USDS. BitGo says it will offer real-time proof of reserves, allowing participants to keep an eye on the asset
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