Bitcoin
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$65,406.00 0.72062
Bitcoin price
Ethereum
Ethereum (ETH)
$2,593.30 2.02714
Ethereum price
BNB
BNB (BNB)
$584.83 0.69757
BNB price
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$153.24 0.21099
Solana price
XRP
XRP (XRP)
$0.539258 0.05129
XRP price
Shiba Inu
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$0.0000179 -0.67933
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$0.0000103 -1.96625
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Bonk
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$0.0000222 0.45769
Bonk price
Bitcoin
Bitcoin (BTC)
$65,406.00 0.72062
Bitcoin price
Ethereum
Ethereum (ETH)
$2,593.30 2.02714
Ethereum price
BNB
BNB (BNB)
$584.83 0.69757
BNB price
Solana
Solana (SOL)
$153.24 0.21099
Solana price
XRP
XRP (XRP)
$0.539258 0.05129
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000179 -0.67933
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000103 -1.96625
Pepe price
Bonk
Bonk (BONK)
$0.0000222 0.45769
Bonk price
Bitcoin
Bitcoin (BTC)
$65,406.00 0.72062
Bitcoin price
Ethereum
Ethereum (ETH)
$2,593.30 2.02714
Ethereum price
BNB
BNB (BNB)
$584.83 0.69757
BNB price
Solana
Solana (SOL)
$153.24 0.21099
Solana price
XRP
XRP (XRP)
$0.539258 0.05129
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000179 -0.67933
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000103 -1.96625
Pepe price
Bonk
Bonk (BONK)
$0.0000222 0.45769
Bonk price
Bitcoin
Bitcoin (BTC)
$65,406.00 0.72062
Bitcoin price
Ethereum
Ethereum (ETH)
$2,593.30 2.02714
Ethereum price
BNB
BNB (BNB)
$584.83 0.69757
BNB price
Solana
Solana (SOL)
$153.24 0.21099
Solana price
XRP
XRP (XRP)
$0.539258 0.05129
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000179 -0.67933
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000103 -1.96625
Pepe price
Bonk
Bonk (BONK)
$0.0000222 0.45769
Bonk price

BitGo to enter stablecoin territory with USDS token

bitgo-to-enter-stablecoin-territory-with-usds-token
Edited by
News
BitGo to enter stablecoin territory with USDS token

Crypto custodian BitGo plans to launch a dollar-backed stablecoin next year, offering rewards to liquidity providers.

BitGo is set to launch a dollar-backed stablecoin dubbed USDS in January 2025, positioning it as the first “open-participation stablecoin” in the market. In a Sept. 18 post on X, BitGo said the stablecoin is “fully backed by short-duration T-bills, overnight repos, and cash, ensuring high liquidity and low risk with real-time proof of reserves.”

https://twitter.com/BitGo/status/1836276991013904556

BitGo aims to stand out by offering liquidity providers a share of the returns generated from its reserves, creating a new incentive model in a market currently dominated by Tether’s (USDT) and Circle’s USD Coin (USDC).

The move comes as BitGo, which holds a dominant 96.6% market share in the Wrapped Bitcoin market with its wBTC token, faces increasing competition from new entrants like Coinbase. On Sept. 12, Coinbase launched cbBTC, a new ERC20 token backed 1:1 by Bitcoin held in Coinbase’s custody. The token is available on the Base and Ethereum networks, signaling a direct challenge to BitGo’s market leadership.

In the meantime, some decentralized finance protocols are reevaluating their use of wBTC due to concerns over its affiliations with TRON founder Justin Sun. Sky, formerly known as MakerDAO, is now considering whether it should remove wBTC as collateral from its borrowing platform SparkLend due to BitGo’s impending partnership with BitGlobal, which is perceived as potentially shifting control of wBTC to a venture associated with Sun.