BitGo’s USDS stablecoin will challenge major issuers like Circle and Tether, aiming to distribute up to 98% of earnings to network supporters.
BitGo, a cryptocurrency custodian backed by the banking giant Goldman Sachs, is entering the stablecoin industry by launching a new stablecoin pegged to the US dollar.
On Sept. 18, BitGo officially introduced USDS, a new stablecoin that aims to reward network participants for engaging with the ecosystem by providing liquidity.
Scheduled for launch in January 2025, USDS is backed by a combination of short-duration Treasury Bills, overnight repos and cash. It is designed to challenge major stablecoins like Tether (USDT) and Circle’s USDC (USDC).
