Hi everyone!
I just shipped a crypto project which I think all of you might actually like. It’s a digital dollar that helps end extreme poverty called Glo Dollar. We're backed by Sid Sijbrandij (GitLab).
How it works:
1. You buy $1 Glo Dollar for $1 USD
2. Our partners invest the $1 USD in US Treasuries
3. Revenue we make we donate to a charity called GiveDirectly.org who use it to fund basic income programs for people in extreme poverty
Note that you can _always_ redeem your $1 Glo Dollar for $1 USD again.
We’re doing this because we believe stablecoins are a public good and should be managed as one. At the moment, the two big stablecoin companies are making record profits for a tiny group of shareholders instead. Tether, the issuer of USDT, shared profits of ~$1.5 billion in Q1 on assets under management of ~60 billion, with just ~50 people on staff. Even though its success is mostly attributable to the ecosystem’s adoption.
Glo Dollar seeks to radically change this dynamic by repurposing its revenue to a good cause rather than risk/profit-seeking shareholders. At scale, we could lift millions of people out of extreme poverty. So even if you loathe crypto, we hope you at least appreciate what we’re trying to achieve. Very curious what y’all think :-)!
1. When you say 'Our Partners' invest the money - who are they? Are they US entities and/or how often are you and your partners audited? Will you and your partners make those audits public? I think that would be a selling point over the other stable coins.
2. You say that I can _always_ redeem my $1 Glo Dollar for $1 USD again. But if you're buying US Treasuries - only a few can redeem it when they want no? Others will have to wait for the bond to mature to get their money out. What percentage of reserves are kept in cash vs assets?
3. You don't mention how much basic income my $1 USD in your example above will generate. How much _good_ can I expect to generate with my $1?
4. Swapping $1 USD for a unit share of some US Treasuries seems like a simple transaction that would get played out millions of times everyday. Where does the crypto play fit into this?
> Brale initially retains 100% of the earnings on the first $2M of assets backing the Glo Dollar.
While trying to find these answers I noticed this statement at the bottom of your website. That's quite murky and I think you should mention that up front.