BitGo, a cryptocurrency custodian supported by Goldman Sachs, is venturing into the stablecoin sector with the introduction of USDS. This new stablecoin, set to debut in January 2025, is backed by a mix of Treasury Bills, repos, and cash. Unlike traditional stablecoins, BitGo plans to distribute up to 98% of earnings to network participants, encouraging ecosystem growth. The USDS rewards model aims to incentivize institutions, exchanges, and liquidity providers to support the network. Participants can mint and burn USDS tokens without any associated fees, making it accessible to a wider user base. BitGo's approach challenges established stablecoins like Tether and USDC while maintaining market neutrality. By offering a unique reward system and inclusive ecosystem, BitGo aims to establish USDS as a competitive player in the stablecoin market. Read more AI-generated news on: https://app.chaingpt.org/news
BitGo Launches USDS Stablecoin to Challenge Tether and USDC
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