Global Currency Organization (GCO), which consists of former JP Morgan, Intel, and TrustToken employees, has launched a new dollar-backed stablecoin USD Digital (USDD) with a revenue sharing model.
Company representative shared that “currently, all fiat-backed stablecoin projects earn revenue from the funds that back their token (funds that earn interest from the trust company), keeping 100% of the revenue” and GCO plans to flip “this model upside down” by sharing revenues among participating exchanges, wallet providers and over-the-counter or OTC desks.
GCO claims that their goal is “to make institutional financial products available to all”. The GCO team is based in San-Francisco.
New stablecoin USDD is an ERC20 token built on Ethereum. The audit will be provided by accounting firm Cohen & Co. Global Currency Organization representatives also indicated that the team plans to launch more stablecoins in the future and USDD is the first project in that line.