This interview is a part of our on-going series, where we highlight our epoch 2 participants.
What's Glo Dollar?
We're pioneering a new form of donationless philanthropy with the launch of Glo Dollar. It's the anti-poverty stablecoin: as market cap goes up, revenue is generated and directed to lifting people out of extreme poverty.
Why should you vote for Glo Dollar in epoch 2?
Launching a fiat backed, US regulated stablecoin was no easy feat and now that Glo Dollar is out in the wild, we're competing against Circle and Tether: two well funded for-profit incumbents with a combined market share $100B+ that are earning billions of dollars per quarter from the reserves backing their stablecoin.If Glo Dollar grows to a $20B stablecoin, making it the 3rd largest stablecoin, earnings from its reserves would lift 1M+ people from extreme poverty. While $20B may seem ambitious, we believe with time we can make it there through the support of our community.
Since launching in the summer of 2023, we've grown to a market cap of $2.3M and expect to make it to $10M by the end of Q1. Our growth so far owes much our community of Glo Consortium members, a collective of 30+ organizations that have been incorporating philanthropy into their operations in different ways. Their organizations have donated to us, opted to hold USDGLO in their treasuries or built native support for USDGLO. Collectively, they've demonstrated that it is possible for organizations to run much of their financial operations powered by Glo Dollar in non-custodial wallets. Organizations can now make USDGLO to fiat payments in 5 different currencies to vendors globally using Skyline Digital, issue corporate credit cards backed by USDGLO using Rain Cards, manage account receivables and payables in USDGLO using Acctual, run payroll in USDGLO using Niural and much, much more. See Glo Consortium ecosystem being built here:
Cool metrics:
Our initiatives have driven market cap from $1.4M in September to over $2M as of 12/13/2023 across the following blockchains:
Progress since epoch 1:
Funds from Epoch One went towards our general operating funds. This time around, however, we’re raising funds to run community rounds on Gitcoin and Giveth to support public goods projects that integrate Glo Dollar into their platforms. We’ve learned that many mission aligned organizations are not able to add support for USDGLO on their platforms without some form of support. This is particularly relevant for bootstrapped public goods projects. Our success is predicated on mission aligned organizations supporting us so we also want to make sure to create an ecosystem where support is mutual. We’ve been beneficiaries of the Giveth and Gitcoin communities so want to give back.
While we've had success in getting larger organizations to dedicate costly resources to natively supporting USDGLO on their platform at the equivalent level of leading stablecoins, we’ve learned that many mission aligned organizations are not able to add support for USDGLO on their platforms without some form of monetary support. This is particularly relevant for bootstrapped public goods projects.
We've been beneficiaries of public goods funding and would like to give back. Our success is predicated on mission aligned organizations supporting us so we also want to make sure to create an ecosystem where support is mutual.
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