BitGo to launch USDS stablecoin in January 2025
Crypto service provider and custodian BitGo announced plans to launch its USD Standard (USDS) dollar-backed stablecoin.
Today BitGo announced USDS will feature 1:1 United States dollar backing through a combination of short-duration T-bills, overnight repos, and cash. Users of the stablecoin will also be rewarded for providing liquidity and engaging with its ecosystem. BitGo plans to launch the new stablecoin in January, 2025.
The announcement explicitly singles leading stablecoin Tether (USDT) and Circle’s USD Coin (USDC) as current market offerings that BitGo hopes to upend with the launch of its USDS alternative. The company explained that instead of funneling significant rewards back to the issuers and partners the firm plans to redistribute up to 98% of its earnings who support the ecosystem.
