The Global Currency Organization (GCO) is launching a brand new U.S. dollar-backed stablecoin, dubbed the USD Digital (USDD).
In an Oct. 1 press launch shared with Cointelegraph, the GCO announced the launch of the USDD, a brand new stablecoin pegged to the U.S. greenback. The group, which is a brand new mission led by former staff of JPMorgan, Intel and TrustToken, stated that it plans to make the stablecoin mannequin out there to a worldwide community of companions, to deal with the likelihood for finish customers to maneuver between cryptocurrencies and fiat.
The San Francisco-based crew stated that they determined to launch the group “to focus on bridging the gap between traditional and decentralized finance.” Joe Vellanikaran, CEO of GCO, added:
“We are excited to introduce a stablecoin that is providing an institutional-grade digital currency to everyday traders. We set out to make the benefits of blockchain available to all, a vision that is bigger than any one company. We are thrilled to be releasing USDD and opening up the GCO network to institutional partners worldwide.”
Vellanikaran additional acknowledged that due to the recognition of stablecoins comparable to USDC and GUSD, buyers are actually realizing simply how necessary collateralization within the blockchain area is, including:
“With USDD, we are taking the stability and security of a fully-backed stablecoin and opening it up to a global network of partners. This is the next evolution of the stablecoin industry.”
European Central Bank: stablecoins pose dangers to public coverage priorities
Cointelegraph reported beforehand that Benoit Coeure, a board member of the European Central Bank (ECB) stated that stablecoins may pose a severe threat in relation to public coverage priorities, including:
“Stablecoins are largely untested, especially on the scale required to run a global payment system. […] They give rise to a number of serious risks related to public policy priorities. The bar for regulatory approval will be high.”
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