BitGo Sets Target for $10B Market Cap for Dollar-Pegged Stablecoin
CryptoNewsTerminal Staff17 Sep, 2024
BitGo Sets Target for $10B Market Cap for Dollar-Pegged Stablecoin
The crypto custodian BitGo intends to introduce USDS, a stablecoin pegged to the dollar, in 2024, according to CoinDesk, which cited an insider. USDS will use short-term U.S. Treasury securities, overnight repurchase agreements, and cash as collateral. Institutions providing liquidity to the USDS network will gain incentives from a portion of the revenue generated by reserves. The company also aims to list USDS on major cryptocurrency exchanges and reach a $10 billion market capitalization by September of next year.
