Odaily Planet Daily News The non-profit organization Glo announced the launch of the regulated stable currency Glo Dollar on August 2. Backed by fiat currencies and low-risk securities (including U.S. Treasuries), Glo Dollar maintains a 1:1 peg to the U.S. dollar, similar to the model of other major stablecoins such as USDC and USDT.
Co-founder Jasper Driessens said that Glo Dollar will be “paired initially with USDC on Polygon’s Uniswap and Ethereum,” with plans to expand to more chains and platforms over time, with the goal of eventually making Glo Dollar “a A universal stablecoin". Glo Dollar generates income through the interest earned on its backing assets, which are then used for charitable work dedicated to alleviating extreme poverty.
Driessens said that in addition to stablecoins, the group is also testing various encrypted debit cards. (Crypto Slate)