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.