PANews reported on September 18 that according to CoinDesk, BitGo announced that it will launch a new stablecoin USDS in January 2025. Unlike existing stablecoins, USDS will attract participants by providing rewards to institutions that provide liquidity. USDS will be backed by short-term treasury bonds, overnight repurchase agreements and cash, and BitGo calls it the first "open participation" stablecoin. CEO Mike Belshe said the move is aimed at creating a fairer system and plans to go online on major exchanges with the goal of reaching $10 billion in assets within a year.
