The Global Currency Organization (GCO) is launching a brand new U.S. dollar-backed stablecoin, dubbed the USD Digital (USDD).
In an Oct. 1 press launch shared with Cointelegraph, the GCO announced the launch of the USDD, a brand new stablecoin pegged to the U.S. greenback. The group, which is a brand new mission led by former staff of JPMorgan, Intel and TrustToken, expressed that it plans to make the stablecoin mannequin out there to a worldwide community of companions, to deal with the likelihood for finish customers to maneuver between cryptocurrencies and fiat.
The San Francisco-based crew expressed that they determined to launch the group “to revolve around bridging the gap between traditional and decentralised finance.” Joe Vellanikaran, CEO of GCO, added:
“We are excited to introduce a stablecoin that is providing an institutional-grade digital currency to everyday traders. We set resolute make the benefits of blockchain available to all, a vision that is bigger than any one company. We are excited to be cathartic USDD and opening up the GCO network to institutional partners worldwide.”
Vellanikaran additive acknowledged that imputable the recognition of stablecoins comparable USDC and GUSD, buyers are actually realizing simply how necessary collateralization inside the blockchain area is, including:
“With USDD, we are taking the stability and security of a fully-backed stablecoin and opening it up to a global network of partners. This is the next evolution of the stablecoin industry.”
European Central Bank: stablecoins pose dangers to public coverage priorities
Cointelegraph according beforehand that Benoit Coeure, a board member of the European Central Bank (ECB) expressed that stablecoins may pose a severe threat in relation to public coverage priorities, including:
“Stablecoins are mostly untested, especially on the scale required to run a global defrayment system. […] They bring abresolute a number of serious risks attendant public insurance policy priorities. The bar for restrictive approval will be high.”