Global Currency Organization (GCO) created the USD Digital token (USDD). The goal is to break through with exchanges, traders and OTC desk thats looking for a stabelcoin product but unwilling to create one themselves.
GCO says, it is a novel fifty-fifty revenue sharing model incentives that adoption. And also USDD’s placement on the ETH blockchain give users with transparency.
CEO Joe Vellanikaran said:
“It’s best of both worlds. They get the stablecoin, and they get the revenue that GCO shares with them”
Joe started working on stablecoins at TrustToken with a position of general manager for its San Francisco firms’s TrueUSD token which is also pegged to the dollar.
Joe also recognized that value stablecoins gives to institutional investors and individuals, especially in moving money across markets. Backing the tokens with USD gives more stability and trust. Joe said:
“Let’s say you’re a Japanese student living in the U.S. and you want your parents to send you funds. With the current process, you’d either need a U.S. bank account or be subjected to long delays and conversion fees. With our stablecoin, you should be able to receive your funds in a matter of days.”
Joe wants a quick worldwide adoption of blockchain-based currencies, which he said will happen in the next 10-20 years. But that global shift will only be possible with institutional support.
“For a company to emerge and help move all these dollars to the blockchain, we really have to open it up to the partners who want to use stablecoins”
He also added:
“That’s what we think we can do through revenue sharing.”