Glo Dollar

Glo Dollar is a stablecoin (pegged 1:1 to the US dollar) issued by the Glo Foundation, a non-profit entity. The project's mission is to create a new, sustainable funding source for public goods by leveraging the mechanics of stablecoin reserves. The fiat currency backing the Glo Dollar is invested in low-risk assets like US Treasury bills. Instead of keeping the interest generated (the "yield"), the Glo Foundation donates 100% of this revenue to charitable organizations, primarily GiveDirectly, to provide basic income to people living in extreme poverty. The project was founded by former DeFi developers with the goal of embedding a social mission directly into a financial instrument.