BitGo Launches a Rewarding Stablecoin

BitGo, which is supported by the major financial institution Goldman Sachs, is making its entrance into the stablecoin market by launching a new stablecoin tied to the value of the US dollar.

This new stablecoin, called USDS, was officially introduced on September 18 and aims to incentivize those participating in the network by providing liquidity.

Scheduled for release in January 2025, USDS is backed by a blend of short-term Treasury Bills, overnight repos, and cash. It intends to compete with established stablecoins like Tether and USDC from Circle.

The BitGo New York Trust Company, a regulated trust company established in 2021 under the laws of New York State, is responsible for issuing this stablecoin.