Palo Alto-based BitGo has announced the launch of a new stablecoin, USDS, which will be released in January 2025. 🎉

USDS will be fully backed by US dollars through treasury bills, repos, and cash, which minimizes risk and provides liquidity. Interestingly, 98% of the income from reserves will be distributed among network participants, not just issuers.

BitGo promises transparency with real-time proof of reserves and monthly audits from third-party accounting firms. 🌐

However, despite its ambitions, USDS will have to compete with giants like USDT and USDC, which dominate the stablecoin market.