Hi, I’m Bram, working for the Glo Foundation that created the Glo Dollar.
Glo Dollar is a US regulated, fiat-backed stablecoin, with no profit incentive. We donate 100% of the earnings backing the Glo Dollar toward basic income programs for people living in extreme poverty.
I propose that NounsDAO exchanges 1% of their treasury for Glo Dollars. By doing so, they’d embed philanthropy into its very operations, and would eventually be lifting 4 people out of extreme poverty–at no cost to NounsDAO.
Doing so has 3 benefits:
- NounsDAO would embed philanthropy into its treasury, and use it as a force for good by generating basic incomes for people living in extreme poverty.
- By adding Glo Dollars alongside current stable holdings, NounsDAO would further diversify its treasury.
- Supporting the development of an alternative US regulated stablecoin that benefits the public and the broader crypto ecosystem, instead of a few shareholders.
Why Glo Dollar?
Glo Dollar is US regulated and 1:1 backed by a reserve of cash and US Treasuries. When the Glo Foundation receives revenue from the reserve, they donate it to GiveDirectly’s basic income programs that lift people out of extreme poverty. (See this article for why we donate to GiveDirectly.)
At scale, we expect every $20,000 of Glo Dollar market cap to lift 1 person out of extreme poverty. At Tether’s current market cap, that corresponds to lifting four million people out of extreme poverty. Even at smaller caps, this amounts to millions of dollars of money generated for GiveDirectly.
By choosing to put some of its treasury into Glo Dollar, NounsDAO can embed philanthropy into its everyday operations and leverage NounsDAO’s treasury as a force for social good.
Though not digital, a global basic income for anyone who falls below the extreme poverty line can be considered an important public good. Glo Dollar is a donation-independent funding mechanism that can support such a basic income perpetually and at scale. Anyone holding Glo Dollars contributes to this funding mechanism at no cost. Affecting 700 million people, extreme poverty is a highly costly problem in terms of human potential and wellbeing, but it is solvable through unconditional cash transfers. The bottleneck for these programs is funding.
As a final consideration: the incumbent stablecoins already function as a public good, yet are managed by for-profit entities incentivized to choose the benefit of shareholders over the benefit of the ecosystem. Even if you do not hold USDC or USDT yourself, most of DeFi runs on them under the hood.
Check out the Glo Dollar website for more information on everything you might want to know about Glo Dollar, such as how Glo Dollar works and how we issue Glo Dollars in a regulatory compliant manner by partnering with Brale.
How Glo Dollar works: https://www.glodollar.org/articles/how-glo-works
Our vision and impact: At sufficient scale, Glo Dollar can lift tens of millions out of extreme poverty. How do we get there?