Glo is a fully-backed stablecoin, which means that for every dollar of glo that’s in circulation, we have a treasury of cash & cash equivalents equal to that amount. Some of that reserve is invested in short term Treasury bills, which create a yield. We give that yield directly to a charity called GiveDirectly, which then distributes the money directly to very poor people.
The idea is that Glo will compete with other stablecoins, and do all the other things that people currently do with USDC or tether, except that it will generate basic income for people living in extreme poverty as a side benefit.
ok but if GiveDirectly is doing good work, why not side-step the crypto-everything and spend your efforts helping people with IRAs to make qualified charitable distributions give directly to GiveDirectly? Or other ways of directly supporting GiveDirectly?
I find the idea of "Passive Philanthropy" revolutionary. This would be the first model to demonstrate such a concept. That alone is worth the effort IMHO
I mean, yes, a charity that is 1) not a government, and so not subject to politics, 2) doesn't require continual donations because it is self-funding, and 3) big enough to do massive good... that combination is in fact revolutionary.
I'm just saying that government programs to help the poor, and even to do foreign aid, are kind of on the same model, except for point 1.
[Edit: I guess foundations are also kind of prior art. It's just that none of them are big enough for the kind of impact that Glo is reaching for.]
Another prior art, and a non-governmental one, is tithing. Lots of religious charities use tithings in ways that combat poverty. Or they could, at scale, if everyone joined the religion.
(In the future, at scale) Imagine if foundations kept their funds in Glo. That would be a philanthropic force multiplier. They are doing good on the front end and the back. We aren't a replacement of any giving channels but we could potentially be a maximizer to any of them.
Glo is a fully-backed stablecoin, which means that for every dollar of glo that’s in circulation, we have a treasury of cash & cash equivalents equal to that amount. Some of that reserve is invested in short term Treasury bills, which create a yield. We give that yield directly to a charity called GiveDirectly, which then distributes the money directly to very poor people.
The idea is that Glo will compete with other stablecoins, and do all the other things that people currently do with USDC or tether, except that it will generate basic income for people living in extreme poverty as a side benefit.
Hope that helps.