Ex-JP Morgan and Intel Staff Launch New Rev Share Stablecoin

JP Morgan Intel TrustToken stablecoin ethereum blockchain cryptocurrency

Former employees of JP Morgan, Intel and TrustToken have today revealed a new stablecoin that offers a revenue-share model to institutions using it for payments.

Global Currency Organization unveiled the new USD Digital (USDD) stablecoin as an alternative option for exchanges, OTC desks and traders looking to access the functionality of a custom stablecoin without developing their own.

It operates on a 50-50 revenue-share basis, and because it’s built on the ethereum blockchain, the stablecoin offers complete transparency for its partners.

Global Currency Organization CEO Joe Vellanikaran, formerly of TrustToken, said the model will suit those looking to get the best value from using a stablecoin.

“It’s the best of both worlds. They get the stablecoin, and they get the revenue that GCO shares with them.”

According to Vellanikaran, backing the token with USD would make the cryptocurrency more stable, as well as building trust for those looking for options for moving money internationally.

“Let’s say you’re a Japanese student living in the U.S. and you want your parents to send you funds. 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.”

Welcoming the inevitable global shift toward crypto, which he projects will happen in the next 10 to 20 years, Vellanikaran said it will require greater support from large institutions.

“For a company to emerge and help move all these dollars to the blockchain, we really have to open it up to the partners. That’s what we think we can do through revenue sharing.”

The launch is only the latest in a series of high-profile stablecoin launches. Like regular cryptocurrencies, stablecoins allow for blockchain payments and peer-to-peer transactions.

But unlike cryptocurrencies like bitcoin, which float in value depending on market factors, stablecoins are designed to hold a flat price, pegged to an international fiat currency — in this case, USD.

The model will likely appeal to financial institutions and investors keen to use cryptocurrency without the exchange risk of digital assets like bitcoin and ethereum.