Global Currency Organization Launches New USD Stablecoin USDDBy Oct 03, 2019 2 Min Read
The Global Currency Organization (GCO) comprising of a group of former employees from TrustToken, Intel, and JPMorgan has announced the establishment of a new USD Digital (USDD) token. It is a US dollar-backed stablecoin that will be instrumental in institutions’ revenue sharing.
The GCO’s objective is to avail of an innovative stablecoins’ approach through the new token. As a result, the institutions that will utilize it will have the chance to use the revenue sharing model incorporated. Notably, a fifty-fifty concept has been inculcated to entice adoption from businesses, traders, and exchanges yearning for a stable crypto-asset.
The GCO’s CEO, Joe Vellanikaran, noted that the unveiled USDD token would be pivotal in availing more options to traders and institutions.
“It’s the best of both worlds. They get the stablecoin, and they get the revenue that GCO shares with them.”
Vellanikaran was previously employed by TrustToken. As a result, he worked on the TrueUSD token. He asserted that stablecoins are fundamental as they offer value for individual and institutional investors, especially in the movement of money across different markets.
“Let’s say you’re a Japanese student living in the U.S. and you want your parents to send you funds. With the current process, you’d either need a U.S. bank account or be subjected to long delays and conversion fees. With our stablecoin, you should be able to receive your funds in a matter of days.”
He trusts that a paradigm shift will be experienced in the global spectrum, whereby blockchain-based currencies will thrive in the next 10 to 20 years.
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