Cryptocurrency custodian BitGo is preparing to enter the stablecoin market with plans to launch a dollar-backed stablecoin called USDS by 2025, according to a September 18 announcement.

#BitGo stated that#USDSwill be fully backed by short-term treasury bills, overnight repo transactions and cash, ensuring both high liquidity and minimal risk.

The firm also plans to publish real-time reserve confirmations on a dedicated website, and monthly audits will be conducted by a leading accounting firm for added transparency.

The company aims to stand out in the competitive stablecoin space by offering rewards to institutions that provide liquidity to its network.

“USDS introduces a new rewards system that distributes up to 98% of revenue to participants who support the ecosystem. This approach ensures that all relevant institutions, exchanges, liquidity providers, and users are incentivized to support and grow the USDS network, contributing to a more inclusive and balanced ecosystem.”