[Temp check] Convert 20% of ENS DAO's USDC Holdings to Glo Dollar (USDGLO) to fund Web3 Public Goods at no cost

DAO-Wide Temp Check
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Hi, I’m Bram, and I’m with Glo Dollar, the stablecoin that funds public goods.

Overview

We propose that ENS DAO converts 20% (~$920,000) of USDC holdings from the ENS DAO Wallet to Glo Dollar (USDGLO) to fund Web3 Public Goods at no cost.

Doing so has three distinct benefits:

  1. Program Web3 Public Goods Funding into ENS DAO’s treasury through Glo Dollar’s Automatic Public Goods Funding (AutoPGF) Mechanism. By holding Glo Dollars and selecting ‘Web3 Public Goods’ as its funding cause, ENS DAO funds Web3 Public Goods without having to donate.
  2. Strengthen ENS DAO’s resilience by diversifying USDC holdings into multiple native, USD-backed stablecoins.
  3. Support the development of an alternative US regulated stablecoin that benefits the public and the broader crypto ecosystem.

What is Glo Dollar?

Glo Dollar (USDGLO) is the stablecoin that funds public goods.

Stablecoin companies generate $7.4 billion in profits/yield annually from their stablecoin reserves. Our approach is different—we funnel 100% of our profits to public goods and charities.

Holding Glo Dollars creates a virtuous cycle to grow ecosystems, instead of extracting yield for gains. By choosing Glo Dollar, you fund the causes that matter to you, at no cost. Organizations like Mento Labs, Gitcoin, and Polygon Labs are already embedding zero-cost philanthropy into their operations by holding part of their treasury in Glo Dollars.

Choosing the causes to support can be done from our dApp. In ENS DAO’s case, we’d suggest generating funds for Web3 Public Goods (other cause areas focus on poverty eradication and climate action).

Holding $920k in Glo Dollars, ENS DAO would generate up to ~$37,000 in public goods funding per year—this would be akin to funding an extra Small Grants Round at no cost to ENS DAO.

Glo Dollar is available on 7 chains: Ethereum, Celo, Polygon, Optimism, Arbitrum, Stellar, and Base.

How it works

What happens when you buy and hold Glo Dollars:

  1. The fiat backing Glo Dollar is invested and earns revenue (similar to other stablecoins).
  2. We donate 100% of our profits on these investments to public goods and charities.
  3. The user decides which public goods and charities we’ll fund. ENS DAO has the option to allocate all of its generated funds towards supporting Web3 Public Goods.
  4. ENS DAO is funding Web3 Public Goods at zero cost.

We call this Automatic Public Goods Funding, because it is:

  • Simple: just hold a stablecoin
  • Zero-cost: holding a stablecoin is free
  • Embeddable: in treasuries, payroll, card transactions, …

Glo Dollar’s Web3 Public Goods cause area

Right now, the Web3 Public Goods cause area generates funds for Gitcoin, Giveth, and Protocol Guild. We’ll be broadening support to include more initiatives on a rolling basis.

We’re eager to know if there are any specific Web3 Public Goods that ENS DAO would like us to add as a funding recipient.

Learn more about our Cause Areas and How we select Causes to support.

How we’re making Glo Dollar usage zero-cost and straightforward for ENS DAO

  • Swapping Glo Dollars for free. There are multiple routes for ENS DAO to swap USDC for Glo Dollars at zero fees. The Glo Foundation will assist in setting up the easiest route.
  • Direct offramps. We’re partnering with many offramp providers to make instant USDGLO offramps without intermediaries.

Other DAOs and organizations embedding zero-cost philanthropy into their treasury

Many other organizations are embedding philanthropy into their treasury with Glo Dollars, many of which are shown on this page.

Risks

Glo Dollar is 100% fiat-backed, always redeemable 1:1 for USD and USDC, issued and regulated in the United States, and receives monthly independent attestations.

In April, we received our Bluechip rating, with an initial B grade. This places us in the top 10 fiat-backed stablecoin, and we’re deemed safer than Tether’s USDT, FRAX, FDUSD, among others. Glo Dollar received the following assessments:

  • Stability: Stable
  • Management: Very low risk
  • Governance: Low risk

Glo Dollar is developed by the Glo Foundation and is issued by Brale. Brale is a US regulated money services business, which is the same regulatory framework under which Circle issues USDC.

Voting

The voting options will be:

  1. ‘Yes’ - Swap 20% of ENS DAO’s USDC into USDGLO.
  2. ‘No’ - Do not swap 20% of ENS DAO’s USDC into USDGLO.
  3. ‘Abstain’

Relevant links

4 Likes
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That assumes profits surely?

Theres a cost somewhere - who is taking on the risk?

ENS has a DAO funded Public Goods Working Group that does incredible work supporting public goods. I personally believe that all PG related activities should be directed through that working group.

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Thanks for the questions, @clowes.eth.

We profit up to $40k per $1M in USDGLO market cap per year.

Our profit model mirrors that of USDC by Circle. Part of our reserves are held in US Treasuries, which currently offer a yield of approximately 5%.

In the case of USDC, all profits go to Circle and none to the crypto ecosystem.

Given that ENS DAO’s wallet holds $4.6M in USDC, the DAO is currently funding Circle for ~$180,000 in yield/revenue per year.

By holding Glo Dollar (USDGLO) instead, ENS DAO would be generating funds for public goods and charities—at no cost to the DAO. We could use (part of) these funds to support the projects funded by the ENS Public Goods Working Group.

See the full flow of funds (and how Glo Dollar works) here.

The ‘cost’ is the same as holding USDC in your treasury: you’re missing out on directly holding US Treasuries yourself. So yes, there’s a cost, but no additional cost vs what’s currently happening.

These profits are profits that are currently going to Circle. So ENS DAO swapping USDC to Glo Dollar means a transfer of profits from Circle to public goods, at no (additional) cost to ENS.

Arguably, one downside of holding USDGLO over USDC is that, as a newer market entrant, it isn’t as widely accepted yet. You can, however, always swap USDGLO 1:1 through our minting / redemption portal and 5+ OTC partners.

We love the Public Goods Working Group, and want to see it succeed.

(Part of) the profits generated from the Glo Dollars held by the ENS DAO could be allocated to the projects funded by the Public Goods Working Group. This way, we can ensure that all activities related to public goods are directed through the working group.

This can be similar to how we’re funding Celo Public Goods with the Glo Dollars in the Mento Reserve.

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I would love to hear Karpatkey’s opinion, on all of this, but especially what I would like to propose…

I would love to see is for the DAO to hold a huge USDC/USDGLO liquidity pool so it could earn a small amount of trading fees while supporting USDGLO as well.

I LOVE USDGLO. If we are holding USDC, it is a no brainer to send it to Brale and get USDGLO back. There is almost no liquidity risk and the upside is funding public goods.

I have a small conflict of interest to declare, in that Glo Dollar has sponsored several QF Rounds on Giveth, and has donated some of the revenue generated to Giveth. Giveth may have received around $5000 in direct funding from those activities. But honestly that is negligible to our costs, and has nothing to do with why I am a big supporter of this proposal.

If we are holding stables, we should hold USDGLO.

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Hi Griff, here’s some data if it helps:

The largest single position of stables the DAO holds is in the DAO wallet and it’s currently at 3.4 million.

We had initially intended that the DAO hold 2 years expenses in stables. We had a discussion on that here. At the time, that two year runway required 16 million in stables.
That amount has been spent down to about 3.4 million now, and we’ve been in early talks to swap some of the 7k ETH in that wallet to ensure we maintain the runway. We also need to reevaluate the 16 million number because some scenarios that Labs has discussed would require more spend.

The other notable point to include is that the stream to ENS Labs is delivered in USDC. While that doesn’t make it undoable, it does mean that we need to contemplate that in any plans we make.

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From a financial perspective, incorporating a new stablecoin into ENS operations requires careful evaluation of several factors, including liquidity, potential volatility, associated risks, and operational considerations. While other important aspects, such as ENS’s support for public goods, are relevant, these can be better addressed by other community members. As @5pence.eth highlighted, the USDC held in the DAO’s wallet serves as a prudent reserve to cover ENS’s operational needs. Initially, it provided a two-year runway, but the current balance is low, and a top-up will soon be necessary. This financial situation should be carefully considered when deciding whether to move forward with this proposal. Additionally, the USDC in the DAO Treasury is specifically allocated to fund operational expenses, such as ENS Labs and Working Groups, which are denominated in USDC. Holding USDGLO to potentially cover USDC-denominated liabilities could create a mismatch, and this risk must be considered accordingly.

Regarding liquidity, USDGLO currently has a market cap of $3.4M, with the majority ($1.6M) on Celo and around $700k on Ethereum mainnet. Secondary liquidity is very limited, especially given the size of the ask ($920k). The largest liquidity pool is the $127k USDGLO/cUSD pool on Uniswap, also on Celo. Since the ENS DAO doesn’t hold funds outside Ethereum mainnet, this secondary liquidity would be inaccessible unless there is a deployment on Celo specifically to hold USDGLO. The proposal does mention alternative onramp/offramp solutions, stating:

You can, however, always swap USDGLO 1:1 through our minting / redemption portal and 5+ OTC partners.

Given the limited secondary liquidity, it’s crucial to understand more about this onramp/offramp process as well as other relevant factors. Key questions include:

  1. What operational procedures (KYC, AML, etc) are required to mint USDGLO?
  2. Are there any fees associated with minting or redeeming USDGLO?
  3. What is the expected timeline for receiving USDC after initiating a redemption?
  4. Are the reserves bankruptcy-remote from the issuer?
  5. What are the different steps of the process and what entities are involved in each one?

Should the DAO decide to move forward with this proposal, @griff’s idea is interesting. Instead of holding USDGLO idle in the wallet, the DAO could deploy it to provide liquidity on Uniswap v3 (mainnet), thereby improving onchain liquidity. However, this would require either minting 50% of the intended USDGLO and pairing it with an equivalent amount of USDC, or matching the full amount of USDGLO with USDC. The latter approach would effectively double the amount of funds committed to the proposal, which should be factored into the decision-making process.

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I support converting a portion of idle USDC to USDGLO; it’s a win-win. As 5pence.eth and karpatkey noted, some of the funds distributed by the DAO may now be in USDGLO instead of USDC, so having direct access to zero-fee offramps/redemption is crucial. Also interested in the key questions raised by karpatkey.

Disclosure: ETH Daily has previously received USDGLO via Giveth/Gitcoin matching.

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Hey everyone, taking over from @Bramglo here as he’s OOO this week.

For what it’s worth, Glo Dollar is supported on Superfluid on Optimism and support for mainnet could easily be added.

  1. To mint / redeem with our centralized minting portal we require businesses to go through a standard KYB procedure. Turn around time for this is low, typically taking only a few days. We are also available through OTC desks such as blockchain.com and Bitgo, both of which we can imagine ENS DAO and ENS Labs already work with.
  2. There are no fees when minting or redeeming USDGLO through our centralized minting portal. Through OTCs we cover the costs associated with minting / redemption with a fair use expectation.
  3. Small redemptions are near instant. Within 3 days for redemptions of any size.
  4. US Treasury debt and cash deposits are held in fully segregated accounts. Note that USDC’s bankruptcy-remote claims are unproven.
  5. To mint / redeem Glo Dollar:
    a. Onboard with our minting and redemption portal powered by Brale, Inc: https://brale.xyz/stablecoins/usdglo
    b. Deposit USDC or USD with Brale to mint Glo Dollar
    c. Transfer Glo Dollar to ENS DAO wallet
    d. Alternatively: onboard with OTC desk such as blockchain.com, Bitgo. Skyline Digital or 1Konto.

Of course we would very much welcome this!

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Thanks @garm for chiming in.

Would love to share some recent Glo developments that I believe are relevant for this Temp Check:

  1. Our monthly donations have more than doubled since writing this Temp Check: from $1885 in September (processed in October), to $3912 in October (processed in November). If ENS DAO would end up converting ~$920K USDC to USDGLO, this figure would increase to ~$6912 per month.

  2. In October we kickstarted our funding of Celo Public Goods through the Glo Dollar Liquidity Flywheel—we’ve just processed our October donations to projects like Ubeswap, GoodDollar, and Gainforest. We’d be open to do something similar for the ENS community: add a Cause Area that funds projects building with or advancing ENS.

  3. Garm’s talk at Devcon (8 min inc questions) focused on the importance of diversifying into minority stablecoins like Glo Dollar. He explained how this could unlock $8 billion for public goods funding. ENS has a chance to lead the way.

If you have questions or thoughts on this Temp Check, please do comment.

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I love this idea Griff suggested. I also support converting the portion of USDC to USDGLO. But due to some constraints mentioned here

we should make sure to find the optimal solution.

I don’t think USDGLO should replace USDC for operational expenses but it could be a net positive addition to the endowment.

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Thanks for this proposal. I am not going to dive into the complexities of the USDC holding, since it’s not my area of expertise.

I found this an interesting intersection in between our Public Goods Working Group and Meta Governance. As feedback I’d say:

  1. I don’t see a lot of research or mention to our current funding streams, or any adaptation to our current funding mechanisms. We have partnered before to reach other ecosystems, but I am trying to understand how choosing a “funding recipient” would be any different from our current grant system?
  2. Can you provide more data regarding how much funding goes to any of these causes? Averagely. And what kind of follow up is given after the funds distribution?
  3. The third key aspect for me, is the lack of community sense, the idea of philanthropy I personally don’t feel value aligned, since the NGO models have already failed in many legacy systems, the idea of just providing funds, without developing any kind of value circularity seems not aligned with the goals that at least I had intended for our funding mechanisms.

Would love to learn more about Glo Dollar, regardless.
Thanks!

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Thank you @cap, for sharing your thoughts.

I don’t think USDGLO should replace USDC for operational expenses but it could be a net positive addition to the endowment.

That could work, too!

I also want to point out that we’ve been working on USDGLO offramping solutions, which would make it easier to use Glo Dollars for operating expenses as well. Users can now offramp Glo Dollars with Peanut and Offramp.xyz–enabling offramps in 90+ countries.

Beyond retail options, we also have partnerships with offramps such as 1Konto, Blockchain.com, and Skyline Digital. US businesses can also on/offramp directly with our issuer Brale.

Thanks @vegayp, for sharing your thoughts and questions.

  1. I don’t see a lot of research or mention to our current funding streams, or any adaptation to our current funding mechanisms. We have partnered before to reach other ecosystems, but I am trying to understand how choosing a “funding recipient” would be any different from our current grant system?

If this proposal would pass, we’re eager to add a Funding Recipient/Cause Area as nominated by ENS DAO. Nominations could include:

  1. ENS Public Goods Working Group.
  2. Running additional ENS Small Grants Public Goods rounds, at no cost.
  3. Running additional ENS Small Grants Ecosystem rounds, at no cost.

See the current list of Funding Recipients here, or check how we select Funding Recipients.

The advantage of using Glo Dollar (USDGLO) over other stablecoins lies in its ability to generate funds for public goods, at no cost to the holder. This isn’t a compromise or an alternative way to manage ENS grants but rather an additional, zero-cost way to create impact:

1600×673 112 KB

  1. Can you provide more data regarding how much funding goes to any of these causes?

We earn up to 4% in yield per Glo Dollar held. If ENS DAO would buy $1M USDGLO, up to ~$40,000 per year would be generated for a Cause Area of ENS DAO’s choice.

This is steady, sustainable, yearly funding. If the $1M USDGLO would be held for a period of 2 years, up to ~$80,000 would be generated.

You can check our monthly donations to all Funding Recipients. In January 2023, we donated $325. In October 2024, $3912 (a 12x increase). With an additional $1M USDGLO holding, this number would increase to up to $7K+ per month.

  1. The third key aspect for me, is the lack of community sense, the idea of philanthropy I personally don’t feel value aligned, since the NGO models have already failed in many legacy systems, the idea of just providing funds, without developing any kind of value circularity seems not aligned with the goals that at least I had intended for our funding mechanisms.

The majority of our donations go toward Public Goods within crypto. We support projects like Protocol Guild, Giveth, and Gitcoin, which strengthen the Ethereum & crypto ecosystem.

We believe it’s important to support both crypto projects as well as initiatives that create impact beyond the crypto space. For non-crypto organizations, we only donate to top-tier orgs like GiveDirectly and Giving Green. By making consistent donations to impactful organizations, we hope Glo Dollar can not only drive meaningful change but also elevate crypto’s reputation—transforming it from cockroach to flagship of the global economy.

We recognize the importance of circularity in funding. To ensure lasting value, we focus on transparency and accountability in how funds are allocated. All Funding Recipients are evaluated based on criteria like ‘Proof of Impact’ and ‘Transparency and Documentation.’ The organizations we support are well-established, with many publishing their own evaluation reports.

Ultimately, it’s the USDGLO holders who decide where the funds go. They choose to support what matters most to them.

Would love to learn more about Glo Dollar, regardless.

This 8 min Devcon talk (inc questions) from @garm should be a solid and up-to-date intro to Glo.

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Thanks for the clarification.

Do you mean, 3912 in 2024, was distributed FOR ALL the projects in total? or averagely 3912 per project/cause?

I do recognize the value of providing funding to Public Goods, I am still missing the point of how circularity is achieved outside the philanthropy and the economic aspect of it. I think most of us want engagement and reciprocity, not only distribution of funds.

Also, you guys are welcome to the Public Goods working group to present this and seek feedback on the call, it’s an open call every thursday.

Also this no longer exists.

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Thanks for your reply, @vegayp

Do you mean, 3912 in 2024, was distributed FOR ALL the projects in total? or averagely 3912 per project/cause?

We donate monthly. $3912 was the figure for our October donations–across all donations to 15 projects. Less than $200 of that was allocated toward non-crypto projects.

We’re on track to donate at least $50K+ over the next 12 months.

See the full list of our monthly donations.

I do recognize the value of providing funding to Public Goods, I am still missing the point of how circularity is achieved outside the philanthropy and the economic aspect of it. I think most of us want engagement and reciprocity, not only distribution of funds.

I want to clarify that we’re not asking ENS DAO to fund the Glo Foundation or other Public Goods. Instead, we’re suggesting ENS DAO to diversify part of its treasury into Glo Dollars.

Circularity is fundamental to how the Glo model works, and the proposal will contribute back to the ENS ecosystem at no cost to ENS DAO:

  1. Our proposal is to hold USDGLO worth $1M (currently held in another stablecoin).
  2. This generates $40k per year for ENS aligned Public Goods.

Prioritizing circularity/reciprocity, USDGLO is the smarter pick over USDC:

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Also, you guys are welcome to the Public Goods working group to present this and seek feedback on the call, it’s an open call every thursday.

We’ve been meaning to join for some time now. We’ll make sure to join either this or next week! Thanks for the reminder.

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Is there a lesser figure that could meaningfully be converted into USDGLO? $1M seems a bit of a stretch right now, but maybe the DAO via one of its Working Groups could experiment with a smaller amount?

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Hi @estmcmxci, thank you for weighing in—appreciate it.

Could you clarify why $920K seems like a steep amount? Until recently, ENS DAO held five times that amount in USDC. Glo Dollar (USDGLO) is very similar to USDC in several ways:

  • It’s fiat-backed (cash and treasuries)
  • It’s US-regulated
  • It’s US-issued

The key difference is that the yield we generate from Glo Dollar would be directed back into funding ENS builders/public goods. This offers a zero-cost way for ENS DAO to support its ecosystem, unlocking $30K to $40K in steady, yearly funding—funds that are currently flowing to Circle.

A lower amount is ofc possible if that’s what the community prefers—e.g., $500K in USDGLO would generate around $20K for ENS public goods/builders. Given the larger USDC balance typically held by ENS DAO that isn’t being reinvested into the ecosystem, we think starting with a higher amount is a win for everyone.

Curious to hear what everyone thinks.

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I’m assuming that if that amount were swapped for USDGLO, the DAO would begin paying contributors in that currency. Until now, no DAO contributor has been paid in anything other than USDC. As long as USDGLO can be easily off-ramped and is accessible, it shouldn’t pose an issue; however, it would be beneficial to test this with a smaller amount first.

See below for further reasoning:

—

This is outside my purview, as I’m not a Public Goods Working Group steward, but I see a potential synergy in testing a smaller amount of USDGLO. This could involve an individual multi-sig belonging to the Working Group swapping the amount and using it to pay its contributors and grantees.

Again, I’m not a steward of the Public Goods Working Group, so please take my suggestion with a grain of salt.

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Strongly against due to lack of liquidity, short track record, and the complexity of using it.

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Hi @estmcmxci, thanks for chiming in once more.

As long as USDGLO can be easily off-ramped and is accessible, it shouldn’t pose an issue.

Users can cash out Glo Dollars directly with Peanut.to and Offramp.xyz, offering close to zero-cost offramps in 160+ countries (inc. US, Canada).

We’ll join the Public Goods Working Group call again this week to explore whether ENS should test holding and paying out USDGLO in smaller amounts.

Hi @brantlymillegan, thanks for weighing in.

Strongly against due to short track record & complexity of using it.

Glo Dollar may not have the long history of USDT/USDC, but dismissing it due to its short track record is, in my view, a mistake.

USDGLO is very much a copy-paste of USDC. Issued in the US; overseen by the same regulators; gets monthly proof of reserves; fully backed by the same fiat assets; always redeemable for USD/USDC.

But perhaps more importantly:

  1. Billions are extracted from the ecosystem every year by incumbent stablecoins—the ones with the longer track records we’re being compared to.
  2. Staying on the sidelines means that the incumbent USDT/C duopoly will continue to grow, more $$ will leave the ecosystem, and decentralization will keep weakening. (See also Garm’s Devcon talk)
  3. If we, as an ecosystem, make incremental changes together, Glo Dollar could capture 1% of the stablecoin market—unlocking ~$78 million for public goods and charities per year, at no cost to anyone.

Embracing Glo Dollar
Embracing Glo Dollar1799×973 423 KB

60+ organizations, including Gitcoin, Polygon Labs, and The Mento Reserve, are leading the way by holding and building with Glo Dollars. This has allowed us to:

  1. Receive a B rating from independent stablecoin agency Bluechip—outperforming USDT (D), FRAX (D), and TUSD (D).
  2. Start channeling profits back into the ecosystem at no cost to holders, with monthly donations now averaging ~$4,000.
  3. Expand Glo Dollar’s use cases to payments, salaries, credit card collateral, Gitcoin Grants matches, donations, and more.

Strongly against due to lack of liquidity.

As a fully-backed stablecoin, Glo Dollar has “infinite” liquidity—any amount can be minted/redeemed directly against USD/USDC. The Mento Reserve swapped $1M into USDGLO without any issues.

You can get Glo Dollar through our centralized minting portal powered by Brale, or through OTC desks such as 1Konto, Blockchain.com, or Skyline Digital.

In addition, there are DEX liquidity pools against USDC on 7 chains that hold sufficient liquidity for most use cases and are rebalanced automatically. Concentrated liquidity to ensure 1:1 exchange rate. These pools smoothly handled all buys and sells across multiple $100k grant rounds on Gitcoin & Giveth.

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@lanadingwall.eth recently participated in 2 Public Goods Working Group calls, where the request was made to include a TLDR on the proposal and discussion. Here it is:

Glo Dollar (USDGLO) is the stablecoin that funds public goods. Stablecoin companies generate $7.4 billion in profits/yield annually from their stablecoin reserves. Our approach is different—we funnel 100% of our profits to public goods. Organizations like Polygon Labs, The Mento Reserve, and Gitcoin are holding Glo Dollars in their treasuries.

Our Proposal

  1. ENS DAO holds ~$920K of treasury in USDGLO,
  2. which generates up to $37K per year in recurring funding for ENS public goods (at no cost).

ENS DAO decides which public goods receive this ~$37,000 per year

  1. Newly announced ‘Think BIG - Build in Good’ ENS grants program, or
  2. Public goods chosen by ENS Public Goods working group, or
  3. Our existing Web3 Public Goods Cause Area (Gitcoin, Giveth, Protocol Guild, Artizen).

Comments & Discussion

  1. $920K is steep / short track record. The money in ENS DAO’s treasury is currently held in USDC. Glo Dollar is similar in many ways: it’s fiat-backed, US regulated, US issued. Reducing the proposed figure is possible (e.g. to $500K), but would also decrease its public goods funding impact substantially.
  2. Proof of Reserves. The reserves backing Glo Dollar receive monthly attestations from an independent accounting firm (sept ‘24 report), providing assurance that the value of stablecoin reserves are equal to the amount in circulation.
  3. Proof of Impact. We carefully select our Funding Recipients—with ‘Proof of Impact’ being one of our selection criteria. For the ENS holding, ENS could nominate the Funding Recipient (e.g. ENS grants program). All our monthly donations are made on-chain and reported on our website.
  4. Liquidity. As a fully-backed stablecoin, Glo Dollar has “infinite” liquidity—any amount can be minted/redeemed directly against USD. You can get USDGLO through Brale’s centralized minting portal, or through several OTC desks. In addition, there are DEX liquidity pools against USDC on 7 chains which automatically rebalance to ensure continuous availability to buy and sell.
  5. Smart Contract Risk. The yield that we earn, which we then donate, is earned off-chain through a mix of US Treasuries and cash. All onchain funds are backed 1:1 offchain and therefore aren’t at risk of a smart contract exploit.
  6. Paying contributors in USDGLO. Users can offramp USDGLO globally, in most countries at near-zero fees (inc EU, US, CA).
1 Like