JPMorgan, Intel Alums Launch Revenue-Sharing Stablecoin USDD

Former employees of JPMorgan, Intel and TrustToken have unveiled a dollar-backed stablecoin with a twist: revenue sharing for the institutions that use it.

Their new company, Global Currency Organization, developed the USD Digital token.

It aims to break through with exchanges, traders and OTC desks looking for a stablecoin product but unwilling to develop one themselves.

A novel fifty-fifty revenue sharing model incentivizes that adoption, GCO says, and USDD's placement on the ethereum blockchain provides users with transparency.

"It's the best of both worlds," said CEO Joe Vellanikaran.

"They get the stablecoin, and they get the revenue that GCO shares with them."

Vellanikaran began working on stablecoins at TrustToken as a general manager for the San Francisco firm's TrueUSD token - also pegged to the dollar.

He recognized the value stablecoins brought to institutional investors and individuals, especially in moving money across markets.

"With the current process, you'd either need a U.S. bank account or be subjected to long delays and conversion fees. With our stablecoin, you should be able to receive your funds in a matter of days."

"That's what we think we can do through revenue sharing."