Proposal to Whitelist Glo Dollar (USDGLO)
The Glo Foundation proposes to add Glo Dollar to the whitelist of eligible assets.
Glo Dollar is a US-regulated stablecoin that donates 100% of its profits to public goods. On Optimism, Glo Dollar market cap by default generates funding for Retro Funding.
Integrating Glo Dollar (USDGLO) into Optimism’s asset list will drive substantial public goods funding and enhance treasury stability, contributing significant amounts annually to Optimism’s Retro Funding program. This aligns directly with Optimism’s mission and provides a scalable funding model for the ecosystem longterm. At $10 million in TVL, Glo Dollar could generate up to $400,000 annually for public goods. If Glo Dollar grows to a $120 million market cap (10% of Optimism’s current stablecoin TVL), it would contribute up to $5.2 million each year to Optimism’s Retro Funding. In addition, we believe that this synergistic collaboration is such a strong narrative that more TVL will flock to Optimism to contribute to Optimism’s Retro Funding and Glo Dollar growth. This could further grow Glo Dollar’s contribution to Retro Funding 10-100x.
Who is the interested party for this application?
Glo Dollar, (USDGLO) is an 1:1 fiat backed, US regulated stablecoin. We donate 100% of our profit into public goods, including Optimism’s Retro Funding.
Provide a brief high-level overview of the project.
Glo Dollar (USDGLO) is a fully-backed stablecoin, similar to USDC, designed to fund public goods. What sets Glo Dollar apart is that 100% of the profits from its reserves are donated to public goods and charitable causes, instead of being distributed to private shareholders.
Stablecoins typically generate around $10 billion annually from their reserves, and Glo Dollar reinvests all of this into public goods. For example, if Glo Dollar were to capture just 10% of the stablecoin total value locked (TVL) on Optimism, it would contribute over $5.2 million annually to public goods. As the Optimism network grows, so does Glo’s impact, potentially funding millions more as its market share increases.
By using Glo Dollar, users help fund initiatives like Optimism’s Retro Funding, without any extra cost. Glo Dollar is already live on 7 chains, including Ethereum, Celo, Optimism, Base, Arbitrum, Polygon, and Stellar.
Provide a brief history of the project.
In April 2024, Glo Dollar launched as the stablecoin that funds public goods. We launched our app where Glo Dollar holders to decide which charitable causes and public goods they’d like to support. This includes Optimism’s Retro Funding, Gitcoin, Protocol Guild, and Giveth. More information here: Glo Dollar 2.0: the stablecoin that funds public goods
Proven Partnerships and Broad Adoption
Glo Dollar is integrated across major networks, including Ethereum, Optimism, Base, Celo, Arbitrum, Polygon, and more. Several organizations, including Polygon Labs, Mento Labs, ShutterDAO, and Gitcoin, have already swapped 6-7 figure amounts into Glo Dollar, demonstrating trust in its model and mission. Giveth, CCN, CCN x Octant and Regen-Coordination have also run large scale grants programs, up to 250k using Glo Dollar as the payout token.
Efficient Liquidity and Swap Capabilities
Glo Dollar also offers direct 1:1 minting and redemption swaps through trusted partners like Brale and OTC desks. These services ensure that large trades are executed with guaranteed liquidity and zerominimal slippage, providing reliable exchange rates for institutional users andor DAOs. This helps maintain Glo Dollar’s stability and ensures predictable pricing for participants across various ecosystems.
Cross-Chain Swap Capabilities:
Glo Dollar supports easy cross-chain swaps through platforms like Jumper.exchange and Squid Router. These integrations allow users to move Glo Dollar throughout the Superchain, enhancing liquidity and flexibility across multiple chains.
Bear Market Stability
Glo Dollar protects treasuries during bear markets by offering a stable value while continuing to fund public goods within the ecosystem at zero cost to holders. This reduces reliance on volatile assets and ensures consistent support for contributors.
Link the whitepaper, documentation portals, and source code for the system(s) that interact with the proposed collateral, and all relevant Ethereum addresses. If the system is complex, schematic(s) are especially appreciated.
Link any available audits of the project.
Smart Contract Audits
Monthly Reserve Reports
Link to any active communities relating to your project.
Optimism Retro Funding is a newly added recipient of funds.
Mento (Celo) swapping $1M into Glo Dollar
ShutterDAO swapping 300k into Glo Dollar
Polygon Labs swapping 150k into Glo Dollar
Gitcoin swapping 100k into Glo Dollar
Gitcoin Community rounds using Glo Dollar as their payout token
Giveth rounds using Glo Dollar as their matching fund stablecoin token
How is the applying collateral type currently used?
Similar to USDC, we use Cash and US Treasury Bills
Our monthly Reserve Reports
Does one organization bear legal responsibility for the collateral? What jurisdiction does that organization reside in?
We collaborate with Brale to issue Glo Dollar. Brale, a US regulated financial institution (NMLS ID #2376957) is responsible for Glo Dollar’s financial and compliance requirements, and operate the centralized minting and redemption portal that all Glo Dollars in circulation stem from., Similar to USDC, the assets backing Glo Dollar are conservatively managed in cash, cash equivalents, and short-term US government-backed debt. These assets are held in US-based financial institutions and undergo monthly attestations by a third-party accounting firm, verifying that reserves equal or exceed the amount of Glo Dollar in circulation for full transparency and compliance.
Where does exchange for the asset occur?
Multiple options depending on preference of OP:
- Our centralized minting and redemption portal powered by Brale (infinite liquidity)
- OTC through Bitgo, blockchain.com, or 1Konto (infinite liquidity)
- DEX trade through Jumper.exchange / Uniswap
Conclusion
By including Glo Dollar (USDGLO) in Optimism’s treasury diversification asset list, the ecosystem can ensure treasury stability while driving substantial public goods funding at no cost. Integrating Glo Dollar amplifies the financial impact on Optimism’s Retro Funding and long-term ecosystem growth.