Ever since the market of cryptocurrencies and altcoins have gained popularity around the world, in just one year, we have seen the launch of several new stablecoin projects. All enter the market with one aim, to take over the market share that the market leader Tether has.
The competition has increased as a new project is looking to enter the stablecoin market. Founded by the alumni of JP Morgan, Intel(INTC) and TrustToken, Global Currency Organization has decided to launch a new US dollar-backed stablecoin called USD Digital (USDD).
GCO is planning to make USDD the first stablecoin ever that will share the revenues from various operations with participating exchanges, wallet companies, and OTC desks. CEO of GCO, Joe Vellanikaran said that the company aims to bring the benefits of blockchain available for all, and they have released the USDD and opened up the GCO network to help the institutional partners worldwide.
USDD will be available as an ERC-20 token and backed by US dollars. It will be available on the GCO website where the backing funds will be provided by Cohen & Co. They wish to bridge the gap between traditional and decentralized finance with the help of GCO. Launch of US dollar-backed stablecoin brings the security and stability in the system bringing an evolution in the stablecoin industry.
Currently, the stablecoin market is worth $5 billion, and the last addition in the market was the Binance and Paxos Trust Company product- BUSD, another US Dollar backed stablecoin.