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BitGo News: BitGo Launches Reward-Bearing USDS Stablecoin

September 18, 2024

BitGo Unicorn News - September 19, 2024

BitGo has announced its plans to enter the stablecoin market with USDS, a new reward-bearing coin backed by Treasury bills and other secure assets. Set to launch in January 2025, USDS aims to revolutionize liquidity with its unique rewards for participating institutions.

( 00:00:00 ) Introduction

( 00:00:34 ) BitGo to Enter Stablecoin Market With Reward-Bearing USDS Coin

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At the Token2049 event in Singapore, BitGo announced plans to launch a new stablecoin named USDS in January 2025. The USDS stablecoin will be backed by short-duration Treasury bills, overnight repos, and cash. A distinctive feature of USDS is its approach to liquidity, offering rewards to institutions that provide liquidity, making it the first stablecoin to offer open participation in such a scheme. BitGo aims to integrate USDS into the broader financial ecosystem by targeting $10 billion in assets held within USDS by September 2025 and listing it on all major exchanges to enhance its accessibility and utility.

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