BitGo Introduces A New Standard for Stablecoins: Meet USDS

SINGAPORE--(BUSINESS WIRE)--Sep 19, 2024--

BitGo, the leading digital asset custodian, is pleased to announce the launch of USDS: The USD Standard, a groundbreaking 1:1 USD-backed stablecoin that aims to transform the digital asset landscape by prioritizing fairness, transparency, and market neutrality.

USDS is designed to challenge the existing stablecoin market dynamics, specifically targeting the dominance of single-issuers like Circle and Tether. Unlike traditional stablecoins that funnel significant rewards back to issuers or a select group of partners, USDS introduces a novel reward system that deploys up to 98% of earnings to participants who support the ecosystem. This approach ensures that all eligible institutions, exchanges, liquidity providers, and users are incentivized to support and grow the USDS network, fostering a more inclusive and balanced ecosystem.

Key Features of USDS:

• 1:1 USD Backing: USDS is fully backed by a combination of short-duration T-bills, overnight repos, and cash, ensuring high liquidity and low risk.
• Real-Time Proof-of-Reserves: Transparency is at the core of USDS, with real-time proof-of-reserves published on usdstandard.com and monthly audits conducted by top-tier accounting firms.
• Global Accessibility: Available to institutions, individuals, and DeFi participants worldwide, USDS provides easy onramps from USD, USDC, and USDT with no conversion fees.

Why USDS Now?

The stablecoin market has long been dominated by players who prioritize profits over ecosystem growth. USDS addresses this imbalance by redirecting the majority of rewards to network participants rather than concentrating them with sole issuers. By doing so, BitGo aims to grow the pie and make it easier than ever for anyone and everyone to participate in the future of finance.

Who Can Benefit from USDS?

USDS is accessible to a global audience, including institutions, individuals, and DeFi platforms. Eligible participants, such as institutional exchanges and liquidity providers, can register with BitGo to start earning rewards, calculated based on their contribution to the USDS ecosystem.

A Vision for Market Neutrality

At the heart of USDS is a commitment to market neutrality. BitGo recognizes that a successful stablecoin requires the active participation of a broad network, not just the issuer. By deploying rewards across the network, USDS encourages widespread adoption and deep liquidity, creating a more robust and resilient stablecoin ecosystem.

About BitGo

BitGo is the leading infrastructure provider of digital asset solutions, offering custody, wallets, staking, trading, financing and settlement out of regulated cold storage. Founded in 2013, BitGo is the first digital asset company to focus exclusively on serving institutional clients.

BitGo is dedicated to advancing a digital financial services economy that is borderless and accessible 24/7. With multiple Trust companies around the world, BitGo is the preferred security and operational backbone for more than 1,500 institutional clients in 50 countries, including many of the world’s top brands, cryptocurrency exchanges, and platforms. BitGo also secures approximately 20% of all on-chain Bitcoin transactions by value and is the largest independent digital asset custodian. For more information, please visit www.bitgo.com.

For more information on USDS, visit USDStandard.com

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press@bitgo.com

KEYWORD: CALIFORNIA SINGAPORE UNITED STATES NORTH AMERICA ASIA PACIFIC

INDUSTRY KEYWORD: PROFESSIONAL SERVICES BLOCKCHAIN TECHNOLOGY CRYPTOCURRENCY FINANCE FINTECH DIGITAL CASH MANAGEMENT/DIGITAL ASSETS

SOURCE: BitGo

Copyright Business Wire 2024.

PUB: 09/19/2024 09:33 PM/DISC: 09/19/2024 09:33 PM

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