BitGo, the Palo Alto-based crypto custody firm, has introduced its new stablecoin, USDS, which will launch in January 2025. 💼

- USDS will be fully backed by US dollars, with short-term Treasury bonds, overnight repo, and cash.

- It will offer an open participation model that will earn participants up to 98%.

- It emphasizes transparency with real-time proof of reserves and monthly audits.

- Target: $10 billion in assets by the end of the first year.

BitGo’s innovative approach could attract attention in the stablecoin market. However, it will have to compete with giants like USDT and USDC. 🌐