Glo Dollars, a stablecoin developed by the Glo Foundation to fund public goods, said on the X platform that Polygon Labs purchased $150,000 in Glo Dollars to fund public goods. Glo Dollar is a stablecoin that funds public goods, and through this initiative, Polygon Labs pioneered zero-cost philanthropy and helped us unlock $7.4 billion annually.

Jinse Finance reported that the non-profit organization Glo announced the launch of the regulated stablecoin Glo Dollar on August 2. Glo Dollar is backed by legal tender and low-risk securities (including U.S. Treasury bonds), and maintains a 1:1 peg to the U.S. dollar. The model is very similar to that of other major stablecoins like USDC and USDT. The Glo Dollar generates income from the interest it earns on its backing assets which then go to charitable work dedicated to alleviating extreme poverty. Glo co-founder Jasper Driessens said that in addition to stablecoins, the group is also testing various crypto debit cards.