BitGo Launches USDS: A New Era in Stablecoins with Unique Rewards
BitGo Launches– BitGo, the cryptocurrency custodian supported by banking giant Goldman Sachs, is making waves in the stablecoin market with its new offering, USDS, pegged to the US dollar. This innovative stablecoin aims to reshape the landscape by rewarding network participants for their contributions.
USDS: A Game-Changer in the Stablecoin Industry
Officially announced on September 18, BitGo’s USDS is set to launch in January 2025. It’s designed to compete with established players like Tether (USDT) and Circle’s USDC. USDS is backed by a diversified portfolio of short-duration Treasury Bills, overnight repos, and cash, ensuring its stability and reliability.
Unique Reward System for Network Participants
One of the standout features of USDS is its commitment to sharing wealth. Unlike traditional stablecoins that retain 100% of interest income for issuers, USDS plans to distribute up to 98% of earnings to its network supporters. BitGo emphasizes that this approach fosters a more inclusive ecosystem where all participants can benefit.
How USDS Rewards Participants
BitGo is implementing a novel reward system designed to incentivize those who contribute to the USDS ecosystem. Any entity that generates sufficient liquidity and registers with BitGo will be eligible for rewards.
Registration Process for Reward Participants
To become eligible for rewards, participants must register with BitGo and prove ownership of their USDS wallet addresses via the USDS portal. These addresses will be used to calculate daily balances, ensuring a fair and transparent rewards distribution process.
FAQs
What is USDS?
USDS is a new stablecoin launched by BitGo, pegged to the US dollar. It aims to provide liquidity rewards to participants in its ecosystem.
When will USDS be launched?
USDS is scheduled for launch in January 2025.
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