Gemini Dollar (GUSD): The "Stablecoin" of the Winklevoss Twins Defies the Sulphurous Tether (USDT)
The interaction between digital currencies and fiduciary currencies highlights the gap between the traditional financial system and that of emerging technologies. To remedy this, brothers Cameron and Tyler Winklevoss created Gemini Four years ago. The cryptocurrency trading platform aims to revolutionize the future of money, especially now that New York's regulatory authorities have endorsed it for the launch of a new digital token backed by the US dollar.
The Gemini USD as a bridge between the traditional financial system and cryptocurrencies
Created four years ago by brothers Cameron and Tyler Winklevoss, Gemini is a crypto-platform that aims to bridge the gap between the traditional financial system and emerging technologies. Crypto-currencies being ubiquitous and accessible at any time of the day and night, the fiduciary currencies should have the same qualifications to strengthen the links between the two financial systems.
Keeping this perspective in mind, the company announced the creation of a US dollar-backed stablecoin, the Gemini Dollar (GUSD), in an article published on Monday, September 10 on Medium.
Tyler Winklevoss said in the statement:
"The Gemini USD is part of our mission on the future of money ... It's the missing link between the traditional banking system and the cryptocurrency economy. "The Gemini Dollar is an ERC-20 token , issued on the Blockchain Ethereum. It will provide the necessary liquidity for users who wish to send or receive US dollars via the Ether network and will be "strictly pegged" to the dollar.
https://twitter.com/tylerwinklevoss/status/1039151147913814017
New York regulator gives green light, GUSD becomes alternative to Tether (USDT)
According to the statement, the New York State Financial Services Department (NYDFS) has approved the launch of Gemini USD. This propels it as a direct competitor of the controversial Tether (USDT), the main "stablecoin" of crypto-markets.
Gemini will preserve its holdings by holding the Gemini USD fiduciary currencies on the US Street Bank (1 Gemini USD = 1 US Dollar) . A deposit insurance program of the NYDFS should insure its capital.
Also, the company's audits will be accessible to the general public to ensure transparency. BPM Accounting and Consulting will review Gemini's banking assets each month.
Users are free to convert their digital tokens into US dollars by depositing them on their Gemini accounts.
"So far, no one has ever proposed a digital equivalent of the dollar, trusted and regulated, which evolves in an open and decentralized way _ as do crypto-currencies," say the leaders.In parallel, the startup Blockchain Paxos also launched a dollar-backed stablecoin the same day as the Winklevoss twins. 1 PAX = 1 USD. The NYDFS has also agreed to create this new alternative to cryptocurrencies."The Gemini Dollar (GUSD) combines the solvency and stability of the US dollar with Blockchain technology, all under the supervision of US regulators, through the New York State Department of Financial Services (NYDFS). "
What do you think of Gemini USD? Tell us your opinion in the comments section below.
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Love it. Happy Friday.
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Nice sharing dear what's new rate of gemimi?
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