Gemini launches its stablecoin: Gemini Dollar
September 11, 2018 6:24 am,
Digital asset exchange based in New York Gemini Trust Co., which was founded in 2014 by Cameron and Tyler Winklevoss, announced the launch of its own stablecoin the Gemini Dollar (GUSD), a dollar-backed stablecoin. The Gemini dollar is the world’s first regulated stablecoin.
Gemini Trust Co. is a digital asset exchange and custodian that allows customers to buy, sell and store a number of Cryptocurrencies.
Following are some facts about Gemini Dollar:-
- The Gemini dollar will be pegged to the U.S. dollar at 1:1.
- The Gemini dollar is the world’s first regulated stablecoin.
- Gemini Dollar can be used on the Ethereum network using ERC20 tokens.
- The issuer is Gemini Trust Company.
- Gemini Dollar combines the creditworthiness and price stability of the U.S. dollar with Blockchain technology and the oversight of U.S. regulators, namely the New York Department of Financial Services (NYDFS)
- The benefit will provide, you will be able to convert U.S. dollars in your Gemini account into Gemini dollars and withdraw them to an Ethereum address you specify.
- Secondly, you will also be able to automatically convert Gemini dollars into U.S. dollars by depositing them into your Gemini account.
Apart from Gemini, Blockchain start-up Paxos also launched Paxos standard (PAX). The PAX token is built on the Ethereum Blockchain. It is also fully collateralized 1:1 by the U.S dollar, issued by the Paxos Trust Company, and approved and regulated by the New York State Department of Financial Services.
Stablecoin is becoming increasingly popular with promoters of decentralized technology because they alleviate some of Cryptocurrencies’ shortcomings, including trust and volatility. The Gemini dollar is part of the mission to build the future of money. It is the missing link between the traditional banking system and the crypto economy.