"This is meant to really be a community token," said Paxos CEO Charles Cascarilla in an interview. "Anybody can join the Global Dollar Network and accrue rewards for activity. We're distributing something like 97% of the economics. That's a big difference from how other stablecoins have been set up and created to date."
Income generated from USDG's reserves, which like many stablecoins are U.S. Treasuries, will be shared out among participants based on the ways these firms can create connectivity and liquidity, Cascarilla said.
A group of heavy hitters in the cryptocurrency space are backing a new, regulation-focused stablecoin, the Global Dollar (USDG), which aims to return yield earned on its reserve assets to participants who help accelerate its adoption.
The USDG stablecoin is issued out of Singapore by Paxos, and is "substantively compliant" with the Monetary Authority of Singapore's upcoming stablecoin framework, according to a press release.
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