Financial institutions may not agree on when the cryptocurrency industry will mature enough and not be a threat to them, but employees may choose to launch their own currencies, nevertheless.
The latest currency was created by former employees at JP Morgan, Intel and TrustToken. The cryptocurrency is actually a stablecoin pegged to the USD and it is called USD Digital (USDD). The stablecoin has a revenue-sharing twist to its nature.
USDD has been launched by Global Currency Organization (GCO),
Dubbed USD Digital (USDD), the stablecoin has been launched by Global Currency Organization (GCO). GCO plans to share the revenues with participating crypto exchanges, OTC desks and wallet providers.
This is what GCO told The Block in a recent interview:
Currently, all fiat-backed stablecoin projects earn revenue from the funds that back their token (funds that earn interest from the trust company), keeping 100% of the revenue.
The USDD coin is built on Ethereum and is an ERC20 token, fully backed by US dollars. The company also shared that this is its first stablecoin, which means that there may be more to come in the near future.