Gemini Dollar

Gemini Dollar (GUSD) is a digital currency that aims to bridge the gap between traditional finance and the crypto industry. It is an ERC-20 token built on the Ethereum network, with smart contracts audited by the security company Trail of Bits Inc. GUSD is created by a trust company, which holds USD deposits corresponding to the number of tokens in circulation. This stablecoin is fully regulated by the New York Department of Financial Services (NYDFS), making it a player in the crypto space. The creators of GUSD, Tyler Winklevoss and Cameron Winklevoss, are well-known figures in the crypto industry, with a strong background in economics and business administration.

Gemini Dollar operates as an ERC-20 token on the Ethereum network. It maintains a steady value, unlike other cryptocurrencies that can experience extreme price fluctuations. This stability is achieved through advanced computation and binding a value to underlying assets such as fiat currencies. The Gemini Dollar is designed to provide a transparent regulatory compliant connection between traditional financial systems and the blockchain industry. The private keys used to sign cryptocurrency transactions are custodied offsite in guarded, and geographically distributed facilities on a cloud storage system. This system uses multisignature technology for added security and increased fault tolerance.

Gemini Dollar aims to serve as a bridge between traditional finance and the crypto industry. It can be used for a variety of purposes in the digital economy. For instance, it can be used to purchase digital art or other goods and services online. It can also be used as a stable reserve in the face of crypto price volatility, providing a more economiical alternative to traditional finance. Additionally, GUSD can be used for trading, participating in financial activities, lending, or staking to receive compensation. It can also be used for payments to employees, partners, vendors, or friends, offering an alternative to traditional banking systems.

Gemini Dollar launched in September 2018 by a trust company, which was founded in February 2014. The company received approval from the New York Department of Financial Services to launch the stablecoin. The creators of Gemini Dollar, Tyler Winklevoss and Cameron Winklevoss, are well-known figures in the crypto industry. They both graduated from Harvard University with a Bachelor of Economics in 2004 and obtained a Master of Business Administration from the University of Oxford Saïd Business School. The Gemini Dollar was the first U.S. dollar-backed stablecoin to receive backing from a U.S. regulatory body.