Wednesday, October 27, 2021

JPMorgan and Intel Alums launch a USD backed stablecoin

The Takeaway:

Former employees of JPMorgan, Intel, and TrustToken announced to release a US dollar-backed stablecoin USD Digital (USDD). Global Currency Organisation revealed that a third-party trust company would hold the dollars that would back the stablecoin. Currently, the stablecoin market is worth more than $5 billion.

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Global Currency Organisation founded by the former employees of JPMorgan, Intel, and TrustToken is launching a new US dollar-backed stablecoin called USD Digital (USDD). According to the press release US dollars that would back the stablecoin would remain with a third-party trust company. 

Joe Vellanikaran, CEO of GCO, said that they are excited to introduce a stablecoin that would provide an institutional-grade digital currency to everyday traders. He added that they aim to provide benefits of blockchain to all traders. 

With USDD, GCO is aiming to bridge the gap between traditional and decentralized finance and maximize the benefits of both for the end user. USDD is an ERC20 token built on Ethereum blockchain and is backed by the US dollar. The coin is redeemable through the GCO website. 

CEO Vellanikaran said that with the rise of stablecoins such as USDC and GUSD, traders have become aware of the importance of collateralization in the blockchain space. He further added that with USDD, they are taking the stability and security of a fully-backed stablecoin and are opening it up to a global network of partners.

Let us know in comments what do you think about the new USD backed stablecoin?

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Thomas Allums
Thomas Allums
Although Thomas is an experienced writer, he is also a passionate musician who loves to travel often. He is based in New York and loves to spread the word about decentralization throughout his neighborhood.

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