The company Global Currency Organization (GCO), founded by immigrants from JPMorgan, Intel and TrustToken, announced the launch of a stable cryptocurrency USD Digital (USDD), pegged to the US dollar.
The new token released on the Ethereum blockchain is intended for exchanges, traders and over-the-counter trading floors that do not want to create their own stablecoin. GCO’s offer should be popularized by a profit distribution system, 50% of which will go to token holders.
“He takes the best from two worlds. Exchanges and other companies get stablecoin and the profit that GCO shares with them, ”said company CEO Joe Vellanikaran.
During his work at TrustToken, Vellanikaran was imbued with technology and appreciated its benefits for institutional investors and individuals, especially in the field of fund transfers.
“For example, you are a Japanese student living in the USA and want to send some amount to your parents. To do this, you need to open a bank account in the United States or use the services of third-party companies that will transfer money long and expensive. With our stablecoin, the whole procedure will take a minimum amount of time, ”said Vellanikaran.
He also noted that he expects a significant adoption of currencies created on the basis of the blockchain, however, according to him, such a future is possible only with the participation of institutional investors.
Recall that at the end of September the head of the Central Bank of Japan Haruhiko Kuroda called for international cooperation to ensure proper regulation of corporate stablecoins.
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