Sergio Mello ⚓

USDGO has surpassed US$700 million, marking another milestone in its growth as a regulated enterprise stablecoin. 🚀 But this is not only about scale. It reflects growing momentum across institutional and enterprise use cases.

Stablecoins are not Eurodollar 2.0 I used to argue that stablecoins were a sort of Eurodollar 2.0 system simply because they were offshore dollars, but over time you realize that's not really the case The Eurodollar system was an offshore dollar credit architecture. It created dollar liquidity through bank and dealer balance sheets: lending, repo, FX swaps, interbank deposits, collateral reuse and maturity transformation. Its defining feature was endogenous elasticity. Dollar claims could expand without one-for-one prefunding in reserves or Treasury bills Stablecoins are structurally different. A reserve-backed stablecoin is a private dollar liability issued against a reserve portfolio and designed for par convertibility, tokenized transferability and 24/7 settlement. It does not primarily manufacture dollar credit. It converts existing dollar assets into portable settlement claims Eurodollar crises are funding crises. They occur when balance-sheet capacity disappears, collateral is marked down, rollover breaks, haircuts rise and offshore dollar liabilities contract Stablecoin crises are convertibility crises. They occur when the market doubts the reserve pool, the issuer, the redemption process, the banking partners, the regulatory perimeter or the ability to move from token money back into bank money at par Eurodollars made offshore dollars elastic. Stablecoins make offshore dollar claims transferable The former expanded the dollar system through credit creation. The latter expands the dollar system through settlement mobility

We’re building a new foundation for crypto market structure. Today, much of crypto trading takes place offshore. A single platform acts as exchange, custodian, and settlement agent. Assets are commingled, and titled to the exchange. This keeps institutions on the sidelines.

Everyone is talking about stablecoins. But nobody is talking about: the speed of on ramp and off ramp the liquidity between stablecoin and fiat the global compliance layer Feels like someone need to solve all the issues above Makes me wonder… do we need a purpose-built Layer 1 for real-world payments?

As stablecoin adoption grows, infrastructure innovation will redefine the issuer side. CEO Nathan McCauley dives into what we're pioneering with J.P. Morgan Asset Management.