On September 18th, BitGo announced plans to launch its own USD-backed stablecoin, USDS, next year. The company will reward institutions that provide liquidity to the network. USDS, like other stablecoins on the market, will be backed by short-term Treasury Bills, overnight repurchase agreements, and cash. This will be BitGo's first foray into the public stablecoin market.

BitGo CEO Mike Belshe said in an interview, "The main reason for launching USDS is that while existing stablecoins are well-functioning, we see an opportunity to create a more open and equitable system that encourages innovation and, most importantly, rewards those who contribute to the network. The true value of a stablecoin comes from its users, the liquidity they provide, and the access points they offer."