The Gemini dollar (GUSD) is an Ethereum based stablecoin pegged 1:1 to the US Dollar. The Gemini dollar is dubbed as “the world’s first regulated stablecoin” and is issued by the New York-based Gemini Trust Company, LLC (Gemini). Gemini controls the creation of all Gemini dollars.
The stablecoin was announced on September 2018 by Cameron and Tyler Winklevoss, cofounders of the Gemini cryptocurrency exchange. The supply of Gemini dollars is collateralized by US dollars held in an FDIC-insured account at State Street Bank. The US dollar deposit balance is audited monthly by the San Francisco-based public accounting firm BPM to ensure that each Gemini dollar is backed by a US dollar in reserve.
In 2011, the Winklevoss twins won $65 million in a lawsuit against Mark Zuckerberg (founder of Facebook). In that same year, the brothers learned of Bitcoin and invested $11 million in the cryptocurrency. In 2013, the brothers announced the formation of Gemini but it took another two years before the exchange officially launched in October 2015. Gemini is regulated by the New York State Department of Financial Services (NYDFS) and is subject to stringent New York banking laws. Since 2015, all cryptocurrency businesses and exchanges are required to obtain a BitLicense from the NYDFS to operate in the state of New York.
The Gemini dollar is an ERC-20 token and can be transferred on the Ethereum platform and stored in any Ethereum wallet. According to the white paper, Gemini can “pause, block, or reverse [Gemini dollar] transfers in response to a security incident (i.e., catastrophic event) or if legally obligated or compelled to do so by a court of law or another governmental body.”Read More
Gemini Dollar is currently trading at $1.0021, which is up 1% over the last 24 hours; its market cap is $4.72M. 24 hour volume is $739,500. It has a market cap rank of 466 with a circulating supply of 4,705,816. Gemini Dollar is traded on exchanges. Gemini Dollar had an all-time high of $1.0605 about 1 year ago. Over the last 24 hours, Gemini Dollar has had <1% transparent volume.