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About Glo Dollar
- Glo is a nonprofit stablecoin aiming to end extreme poverty.
- Fiat-backed and pegged to the dollar, with reserves held in cash and short-term government bonds (Treasury bills).
- Interest earned on T-bills will be donated to GiveDirectly, providing basic income to people in extreme poverty.
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Key statistics:
- 700 million people live in extreme poverty (<$2.15/day).
- Historical average return on T-bills: 3.37%.
- Glo reserve return: 2.7% of market cap/year.
- $18,000 of Glo provides a basic income to one person in extreme poverty.</
About Glo Dollar: Empowering a New Era of Financial Freedom
Glo is a nonprofit stablecoin dedicated to eradicating extreme poverty. As a fiat-backed currency, Glo is pegged to the US dollar. Similar to other stablecoins, Glo’s reserves will be diversified across a mix of cash and short-term government bonds, specifically Treasury bills. The interest accrued from these T-bills will be donated to GiveDirectly, a nonprofit organization that provides basic income to individuals in extreme poverty, thereby fostering a more equitable society.
More than 700 million individuals worldwide struggle to survive in extreme poverty, defined as living on a meager $2.15 per day. Assuming T-bills yield their historical average return of 3.37%, and Glo allocates 80% of its reserves to T-bills, the Glo reserve can expect to earn approximately 2.7% return on its market capitalization annually. Providing a year’s worth of basic income through GiveDirectly costs $480. Consequently, every $18,000 invested in Glo enables a basic income for one person in extreme poverty. If Glo were to become an $18 billion stablecoin, ranking it as the third largest, this number would surge to 1,000,000 individuals reached.
With a mere 8-9% of global wealth, Glo possesses the potential to eradicate extreme poverty altogether.
Glo, a nonprofit entity, relies on the generosity of donors to fuel its operations. The organization’s executive team is comprised of Jeff Milewski, who serves as CEO, Garm Lucassen, who holds the position of CTO, and Jasper Driessens, who assumes the role of CMO. For more information, please visit Glo’s official website at
https://glodollar.org
, or access its comprehensive white paper at
https://docs.google.com/document/d/1E09fdrvBr_TgsUqODq-MROfoSniHI8Ri_3gRYYoWXi0/
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