Winklevoss twins, the owners & founders of the Gemini exchange, announced the creation of the regulated stable coin, Gemini Dollar (GUSD). Users are now able to effectively store their dollars on the Ethereum blockchain with safety.
According to the announcement made on September, the token is approved by the New York State Department of Financial Services (NYDFS). This is an important milestone to date, because there has been no trusted and regulated digital representation of the U.S. dollar that moves in a decentralized manner. The Gemini dollar is strictly pegged 1:1 to the U.S. dollar, and is built on the Ethereum network according to the ERC20 standard for tokens. It is offering creditworthiness and the price stability of the U.S. dollar with blockchain technology and the oversight of U.S. regulators.
Gemini, a New York trust company, which used to offer only Bitcoin, Ethereum and Zcash for trading, is now adding Litecoin pairs from October 13 and there will also be a delayed Bitcoin Cash listing in late November for safety reasons, due to a possible hardfork.
Winklevoss brothers and the Gemini team have expressed they remain certain that “for cryptocurrency to realize its tremendous potential it is crucial to provide a safe and regulated environment for both innovation and consumer protection”, and that they will be working closely with both the market and regulators as we move towards the future of money”.Share this post