Former employees at JPMorgan, Intel, and TrustToken introduced a stablecoin tied to the US dollar with an interesting feature: the institutions that use it participate in an affiliate program.
They created a new company called the Global Currency Organization (GCO), which was engaged in the development of the USD Digital token (USDD). Stablecoin wants to make its way to exchanges and over-the-counter exchanges that need stablecoin, but they themselves do not want or are not able to create it.
According to GCO, the new 50/50 revenue sharing model will facilitate its implementation, and the use of the ethereum blockchain will ensure transparency of work.
“This is the best option for everyone. Users get stablecoin and the revenue that GCO shares with them, ”said CEO Joe Vellanikaran.
Vellanikaran began working on stablecoins at TrustToken as the general project manager for the TrueUSD token.
He recognized the value of stablecoins for institutional investors and individuals, especially when moving money across markets. Providing tokens with dollars has brought more stability and trust.
“Suppose you are a Japanese student living in the United States, and you want your parents to send you funds.
In the current scenario, you will need either a bank account in the USA, or you will experience long delays in the transfer and pay large commissions for currency exchange. Thanks to our stablecoin, you can receive your funds within a few days, ”said Vellanikaran
Vellanikaran wants to accelerate the widespread adoption of cryptocurrencies and, according to him, this will happen in the next 10–20 years, but only with institutional support.