On August 2nd, a non-profit organization called Glo officially introduced the Glo Dollar stablecoin (USDGLO) with ambitious goals of helping millions of people escape extreme poverty.
Glo Dollar is backed by low-risk fiat currencies and securities, including the US Treasury, to maintain a 1:1 exchange rate with the US Dollar. This mechanism is similar to other popular stablecoins like USDC and USDT.
Currently, Glo Dollar has been launched on platforms such as Uniswap, Polygon, and Ethereum. In the future, the project plans to expand onto various blockchain networks and platforms. Their ultimate aim is to make Glo Dollar a widely accepted stablecoin available almost everywhere.
What sets Glo Dollar apart, besides its stable structure, is its charitable nature. Users can utilize the stablecoin’s profits to contribute to poverty alleviation without incurring any additional costs.
Even if users only use Glo Dollar temporarily, the profits generated during that time can significantly support Glo’s non-profit endeavors.
Notably, Glo’s co-founders have presented an ambitious hypothetical scenario of the potential impact if Glo Dollar achieves a high market capitalization.
To ensure proper operations, Glo has collaborated with a stablecoin infrastructure company named Brale. This company holds the necessary money transfer licenses in the US to comply with stablecoin issuance regulations.
The Glo Dollar project, with its grand philanthropic ambitions of poverty reduction, has garnered great expectations from the community. If they achieve their outlined goals, the project can showcase the power of promoting social benefits through cryptocurrency economic models.