Glo
Glo is a Public Benefit Corporation that developed the Glo Dollar, a stablecoin regulated in the US and aimed at ending extreme poverty by donating revenue to basic income programs.
Glo Foundation Overview
Glo Foundation is a mission-driven organization with a primary goal of ending extreme poverty. Operating as a Public Benefit Corporation registered in Delaware, Glo Foundation is preparing to apply for 501(c)(3) status, currently under fiscal sponsorship from Global Impact. The foundation donates its revenue to basic income programs designated for people living in extreme poverty. It funds its operations through donations, underscoring a strong commitment to social impact.
Glo Dollar Stablecoin
Glo Dollar is a US-regulated stablecoin developed by the Glo Foundation. It is backed 1:1 by a reserve comprising cash and US Treasuries, ensuring stability and trust. A central component of the Glo Foundation's mission, the stablecoin is designed to lift individuals out of extreme poverty. With a target of affecting one person for every $20,000 of Glo Dollar's market cap, it aims to significantly impact global poverty levels. The Glo Dollar is accessible on multiple blockchain networks, including Ethereum, Polygon, Celo, Optimism, Base, Arbitrum, and Stellar.
Partnerships and Regulation
Glo Foundation partners with Brale Inc. (NMLS ID #2376957), which serves as the issuer of the Glo Dollar. Brale is tasked with maintaining liquidity for redemptions and has discretionary authority over the reserve's allocation. This partnership ensures that the stablecoin maintains its 1:1 backing and meets regulatory standards. Additionally, as the market cap of the Glo Dollar surpasses $2 million, the Glo Foundation starts to receive a larger share of earnings, which are directed towards charitable initiatives.
Funding and Impact Goals
The funding model for the Glo Foundation relies primarily on donations, ensuring that its operations are mission-driven and transparent. One of the foundation's principal objectives is to alleviate extreme poverty by donating revenue to basic income programs. In their Bootstrap Phase, they are focusing on building traction and reaching the Impact Phase, where they anticipate making a considerable social difference. For every $20,000 increase in Glo Dollar's market cap, the foundation strives to lift one person out of extreme poverty.
Blockchain Networks Integration
Glo Dollar is integrated across several prominent blockchain networks to maximize accessibility and usability. These networks include Ethereum, Polygon, Celo, Optimism, Base, Arbitrum, and Stellar. This multi-network integration helps in appealing to a broad range of users in the cryptocurrency space, making the stablecoin versatile and user-friendly. By being available on various platforms, Glo Dollar can ensure liquidity and reach, which is vital for its mission of impactful social change.
