Non-profit Glo launches stablecoin that leverages returns to alleviate extreme poverty
Non-profit organization Glo announced the August 2 launch of Glo Dollar, a regulated stablecoin with an ambitious goal: to leverage cryptocurrency returns to lift millions out of extreme poverty.
CryptoSlate He spoke with Glo Co-Founder Jasper Driessens about the project’s goals and how traditional financing is leveraged to fund a non-profit stablecoin.
Taking advantage of Treasury returns to combat poverty
Glo Dollar is a new stablecoin created by the non-profit organization Glo. It is backed by fiat currencies and low-risk securities, including U.S. Treasuries, to maintain a 1:1 peg against the U.S. dollar. This model is very similar to that of other major stablecoins such as USDC and USDT.
Glo Dollar differentiates itself by generating returns from interest earned on its backing assets. These earnings are then applied to charitable causes focused on alleviating extreme poverty. While Glo Dollar has a stabilization mechanism and structure comparable to other fiat-backed stablecoins, its philanthropic element sets it apart from others by distributing non-profit returns to non-profit causes. This means that users can essentially benefit from stablecoin returns to contribute to poverty alleviation without any additional costs.
Daily transactions
Driessens outlined his goals for the project, including using the Glo Dollar for regular savings and everyday expenses.
“I’m most excited [is that] “Generally people who don’t have anything crypto-related and will save some money on GlowDollar first,” he said.
Driessens continued:
He wants to see people use Glo Dollar not just as a crypto asset but also as a replacement for traditional fiat accounts for savings and day-to-day transactions, saying it will maximize returns for Glo’s charitable goals.
Why Glo?
“Why Glo? I think there are three reasons, depending on who you are. “The first is, if you’re just a person who cares about the world, then Glow is a new way to lift people out of extreme poverty,” Driessens said.
He gave a bold, hypothetical example of the potential impact the Glo Dollar would have if it reached a high market cap.
Crypto’s reputation and Glo’s philanthropy
Driessens acknowledged crypto’s reputation among some critics but thinks Glo Dollar offers a way to improve that. He said:
I asked Driessens about his views on Worldcoin, another crypto project focused on universal basic income. explained,
“Obviously they have very interesting and somewhat scary technology, and as a technologist I’m very excited about it,” Driessens said. “But that’s something Glo Dollar doesn’t have much to do with outside of stablecoins,” Driessens said, referring to Worldcoin’s iris-scanning “Orb” technology.
While Worldcoin grabs more headlines, the two projects are taking different approaches to leveraging crypto for social impact. Time will tell which model will gain more traction in achieving its goals.
Regulation and compliance
Driessens explained that to operate Glo Dollar in a regulatory manner, Glo has partnered with stablecoin infrastructure company Brale, which holds the necessary US money transmission licenses to issue regulated stablecoins.
Ambitious goal backed by innovative crypto economy
Glo Dollar has set an ambitious goal: to lift millions of people around the world out of extreme poverty by leveraging stablecoin returns.
Its success will depend on adoption among crypto users looking to diversify from Tether and USD Coin, as well as non-crypto users attracted by its philanthropic premise.
If the project achieves its hypothetical goals, it could demonstrate the power of promoting social good through crypto-economic models. But it remains to be seen whether the emerging stablecoin can capture enough market share to significantly reduce global poverty.
#Nonprofit #Glo #launches #stablecoin #leverages #returns #alleviate #extreme #poverty
Non-profit organization Glo announced the August 2 launch of Glo Dollar, a regulated stablecoin with an ambitious goal: to leverage cryptocurrency returns to lift millions out of extreme poverty.
CryptoSlate He spoke with Glo Co-Founder Jasper Driessens about the project’s goals and how traditional financing is leveraged to fund a non-profit stablecoin.
Taking advantage of Treasury returns to combat poverty
Glo Dollar is a new stablecoin created by the non-profit organization Glo. It is backed by fiat currencies and low-risk securities, including U.S. Treasuries, to maintain a 1:1 peg against the U.S. dollar. This model is very similar to that of other major stablecoins such as USDC and USDT.
Glo Dollar differentiates itself by generating returns from interest earned on its backing assets. These earnings are then applied to charitable causes focused on alleviating extreme poverty. While Glo Dollar has a stabilization mechanism and structure comparable to other fiat-backed stablecoins, its philanthropic element sets it apart from others by distributing non-profit returns to non-profit causes. This means that users can essentially benefit from stablecoin returns to contribute to poverty alleviation without any additional costs.
Daily transactions
Driessens outlined his goals for the project, including using the Glo Dollar for regular savings and everyday expenses.
“I’m most excited [is that] “Generally people who don’t have anything crypto-related and will save some money on GlowDollar first,” he said.
Driessens continued:
Even if people use Glo Dollar temporarily, revenues generated during that period can still provide significant funding for Glo’s non-profit work. “And then it’s literally like exchanging your everyday fiat money for a currency that inherently lifts people out of extreme poverty,” Driessens explained.
He wants to see people use Glo Dollar not just as a crypto asset but also as a replacement for traditional fiat accounts for savings and day-to-day transactions, saying it will maximize returns for Glo’s charitable goals.
Why Glo?
“Why Glo? I think there are three reasons, depending on who you are. “The first is, if you’re just a person who cares about the world, then Glow is a new way to lift people out of extreme poverty,” Driessens said.
He gave a bold, hypothetical example of the potential impact the Glo Dollar would have if it reached a high market cap.
Driessens confirmed that Glo Dollar will launch today, August 2, “on Uniswap on Polygon and initially on the USDC to ethereum pair,” with plans to expand to more chains and platforms over time. The goal is to eventually make Glo Dollar “a universal stablecoin that’s available pretty much everywhere you’d expect it to be.”
Crypto’s reputation and Glo’s philanthropy
Driessens acknowledged crypto’s reputation among some critics but thinks Glo Dollar offers a way to improve that. He said:
This philanthropic element offers a unique way to encourage early adoption and enter the stablecoin “duo” of Tether and usd coin. Driessens said:
Opposing approaches to crypto philanthropy
I asked Driessens about his views on Worldcoin, another crypto project focused on universal basic income. explained,
He highlighted two major differences between the projects: Worldcoin aims for a global UBI, while Glo focuses specifically on extreme poverty. Another important difference is Worldcoin’s free-floating cryptocurrency and Glo Dollar’s stablecoin model.
“Obviously they have very interesting and somewhat scary technology, and as a technologist I’m very excited about it,” Driessens said. “But that’s something Glo Dollar doesn’t have much to do with outside of stablecoins,” Driessens said, referring to Worldcoin’s iris-scanning “Orb” technology.
While Worldcoin grabs more headlines, the two projects are taking different approaches to leveraging crypto for social impact. Time will tell which model will gain more traction in achieving its goals.
Regulation and compliance
Driessens explained that to operate Glo Dollar in a regulatory manner, Glo has partnered with stablecoin infrastructure company Brale, which holds the necessary US money transmission licenses to issue regulated stablecoins.
He explained Glo’s rationale for partnering with Brale to drive compatibility. This allows Glo to focus on other aspects of launching its new stablecoin while also allowing users in the United States to use the Glo Dollar.
Ambitious goal backed by innovative crypto economy
Glo Dollar has set an ambitious goal: to lift millions of people around the world out of extreme poverty by leveraging stablecoin returns.
Its success will depend on adoption among crypto users looking to diversify from Tether and USD Coin, as well as non-crypto users attracted by its philanthropic premise.
If the project achieves its hypothetical goals, it could demonstrate the power of promoting social good through crypto-economic models. But it remains to be seen whether the emerging stablecoin can capture enough market share to significantly reduce global poverty.
#Nonprofit #Glo #launches #stablecoin #leverages #returns #alleviate #extreme #poverty
