A few weeks ago, we shared an exciting announcement: the incorporation of Glo Dollar into our treasury. This represents a big milestone: directly supporting Glo’s positive mission as well as making our activities more impactful.
What John Ellison described as "treasury management for good" wonderfully illustrates how even simple actions, such as holding a coin, can create positive impacts. There’s no wonder that this perspective motivates us to look more closely at other aspects of our operations, too. But for today, let’s talk about our thrilling partnership with Glo! 💸
What Is Glo Dollar?
Glo Dollar’s concept is simple yet powerful: a fiat-backed stablecoin that generates basic income for people in extreme poverty. Yes, with Glo, you can make a positive impact by holding a coin—contributing to a new form of donationless philanthropy.
So, how does it work? Every Glo Dollar in circulation has a minimum of $1 in cash or US Treasuries backing it. The interest from these US Treasuries, which often serves as a revenue source for stablecoin companies (such as UST), is donated to GiveDirectly, a charity operating mostly in Sub-Saharan Africa, with programs in Yemen and the US. 🌍
This is how Glo describes the impact on its website. 👇
The more money we earn → the more we donate → the fewer people live in extreme poverty.
ReFi Medellín's Integration of Glo Dollar
In our journey at ReFi Medellín, social responsibility is a key driver of our decisions. That’s why we have committed to allocate 30% of our treasury to Glo Dollar ($GLO).
As the first local node of ReFi DAO within the Glo Consortium, we hope to inspire a new financial management model. It’s not just about us: It's about setting an example and encouraging other organizations in finance and crypto to consider how their assets can contribute to meaningful causes. 🤝
This initiative balances maintaining a stable treasury and contributing to a cause that resonates with our values. It's a small yet significant step in demonstrating that financial decisions can have a far-reaching, positive impact.
Why Does This Matter?
With time, for every $20,000 held in Glo, one person is elevated from extreme poverty, with no extra cost to those holding the currency. To us, this is a great example of how finance can be a tool for good. Projects like Glo show us how we can bake our values into our currency and, ultimately, reshape how we view and deploy capital. 💰
At ReFi Medellin, we like to think about making our processes more regenerative, identifying tangible value that had previously been difficult to pinpoint. Glo helped us explore that with financial management, and we’re excited to look for other similar opportunities in the future.
Do you agree that even just holding a currency can be both an expression of a belief and a step toward a more empathetic and responsible world? Join us on our journey. 💚
