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

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.

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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