Glo Dollar is a fully backed, nonprofit stablecoin that generates basic income for people in extreme poverty.

How this works:

• Glo Dollar’s reserves will be held in a mix of cash and Treasury Bills;
• Treasury Bills generate interest;
• Glo Dollar gives that yield away to GiveDirectly, an NGO that distributes basic income to people in extreme poverty.

We estimate that every $18,000 of Glo Dollar in circulation will lift a single person out of poverty. Accordingly, an $18 billion stablecoin would lift 1 million people out of poverty every year. If Glo Dollar reaches USDT’s current market cap, that number rises to 4.5 million people.

As the first nonprofit stablecoin, Glo Dollar’s aim is to generate at least $1 of revenue for GiveDirectly for every dollar spent on operations. We think this is eminently possible. By our estimates, a stablecoin with a healthy mix of cash and T-bills will create a yield of about 2.7% for every dollar of market cap. We also project that a stablecoin with a market cap of $2 billion can operate on 1% of market cap per year. If we give away 2.7% and fund that 1% through donations, then every dollar donated or granted to Glo Dollar will create $2.70 of revenue for GiveDirectly, which in turn becomes about $2.30 of basic income for someone in extreme poverty. As market cap grows, we expect this multiplier to grow larger.

Visit glodollar.org to learn more.

Web3 Open Source Software Contributions

The Glo Foundation prioritizes transparency, and our smart contracts’ source code is available at https://gitlab.com/global-income-coin/usdglo. Additionally, we are working on creating an ecosystem of open source projects that enable businesses to build upon the Glo Dollar. Examples include libraries to accept payments in the Glo Dollar for eCommerce purposes and a Glo Dollar community wallet.

Furthermore, we’re currently drafting a public company handbook, modeled after that at GitLab (https://about.gitlab.com/handbook/) which we plan to publish ASAP as a guide for how to run a crypto company. In short, a commitment to open source is in our DNA, both in our software products and our company as a whole.

The Glo Development Foundation

Glo Dollar is backed by Sid Sijbrandij, CEO of GltLab, and run by an experienced team of startup executives. CEO Jeffrey Milewksi is an economist based in San Francisco and was previously a research director and instructor of fintech at Creighton University. CTO Garm Lucassen previously worked as the lead product manager of Secfi, a San Francisco-based fintech company, and holds a PhD in product management. CMO Jasper Driessens has worked as a software developer and marketer and has an MSc. in artificial intelligence. We have already built an excellent team of 15 people with past experience at relevant organizations including Circle and Anchorage Digital.

What we’ll put the grant towards

By supporting the Glo Foundation, you help fund our operational costs towards growing the Glo Dollar. Our current projects include creating a community-focused crypto wallet aimed at people we are onboarding onto crypto for the first time; strengthening our operational transparency; and increasing the availability of Glo Dollar on exchanges and jurisdictions.