The Gemini Dollar is a stable token launched by the Gemini exchange. It is the world's first stable currency regulated by the US regulatory authority. 1 GUSD = $1.
GUSD is the first cryptocurrency issued by GeminiTrustCompany through the Ethereum blockchain. It is a stable currency backed by the US Dollar, full name Gemini Dollar, Chinese name Gemini Dollar. Issued on September 10, 2018, with a total supply of 89,256,285 GUSD.
Gemini is a digital currency financial investment platform and custodian and exchange founded by the Winklevoss brothers that allows customers to invest and store digital assets, directly regulated by the New York State Department of Financial Services (NYDFS). The anchor ratio of GUSD currency is 1 GUSD = $1, and independent certified public accounting firms will review it every month and regularly publish the review report. Therefore, the stability of legal tender and the speed and borderless characteristics of cryptocurrency are ensured.
The Gemini Dollar combines the credibility and price stability of the US Dollar, the technological advantages of cryptocurrencies, and the oversight of US regulators. As an ERC20-compliant token, the Gemini Dollar can be transferred over the Ethereum network. Gemini dollars are created when they are withdrawn from the Gemini platform and redeemed or "destroyed" when they are deposited into the Gemini platform.
GUSD ensures that each coin is backed by US dollars, the probability of redemption crisis is very low, and it can be issued through ethereum network, directly winning many existing users.
Not only that, it has great advantages in transparency and risk. GUSD is deployed on the Ethereum public chain, which is open and transparent and can be audited by regulatory authorities. There is no need to worry about black box operation and operation. And regularly exposed audit reports, purchasing power is stable, there is no fear of collapse. Both stablesoins were subject to strict compliance by the New York Regulators, who stated that GUSD and PAX will comply with effective risk control and anti-money laundering compliance requirements to prevent the stablesoins from being used to launder money and finance terrorist organizations.
Introduction to GUSD founding team:
New York-based Gemini was founded by twins Cameron and Tyler Winklevoss, He fought and won a lawsuit against Facebook founder Mark Elliot Zuckerberg, arguing that the idea for Facebook had come from two brothers and that Zuckerberg had stolen their ideas. The story was recounted in the film The Social Network.