Generic Protocol will launch GUSD, which it bills as a private stablecoin based on a new revenue-sharing model, The Block reported on Jan. 15 local time.
Generic, which is based on the Morpho DeFi lending protocol, adopted a "meta-stablecoin" model that integrates existing USDC, USDT and USDS and deploys them to on-chain markets. Unlike a system in which existing stablecoin issuers monopolise revenue, Generic adopted a structure that distributes revenue directly to applications, networks and users.
Anthony Ruitenegger, Generic's founder, said the issuer does not control revenue through full decentralisation and that partners decide how revenue is distributed. He stressed that the model also fits the regulatory environment. GUSD operates on an Ethereum-based non-custodial layer and provides users with optional privacy.
With the U.S. Congress holding discussions around stablecoin revenue sharing, Generic's approach presents a new alternative, The Block said.
Chi-gyu Hwang
delight@d-today.co.kr