The Global Currency Organization (GCO) is in the latest cryptocurrency news for launching a new US dollar backed stablecoin. The new stablecoin launched by former members of institutions like JPMorgan, Intel and TrustToken is dubbed the USD Digital (USDD) and was officially announced in an October 1 news release shared with many news sites.
GCO is basically a new project that is led by former employees at these three companies. As the employees said, the new stablecoin plans to make the model available to a worldwide network of partners, focusing on the possibility for end users to move between cryptocurrencies and fiat.
According to the San Francisco based team at GCO, the launch of the organization was primarily initiated in order “to focus on bridging the gap between traditional and decentralized finance.” The CEO of GCO, Joe Vellanikaran, added:
“We are excited to introduce a stablecoin that is providing an institutional-grade digital currency to everyday traders. We set out to make the benefits of blockchain available to all, a vision that is bigger than any one company. We are thrilled to be releasing USDD and opening up the GCO network to institutional partners worldwide.”
When speaking about the new stablecoin launched by GCO, Vellanikaran also stated that thanks to the popularity of stablecoins such as USDC and GUSD, investors are realizing how important collateralization in the blockchain space is.
“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.”
Previously, the cryptonews showed that Benoit Coeure, a board member of the European Central Bank (ECB) said that despite the new stablecoin projects launched all the time, stablecoins could pose a serious risk in relation to public policy priorities.
“Stablecoins are largely untested, especially on the scale required to run a global payment system. […] They give rise to a number of serious risks related to public policy priorities. The bar for regulatory approval will be high,” Coeure summed up.
Speaking of, one of the most exciting new stablecoins is the Facebook Libra coin which is expected to launch in 2020.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]