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Gemini is one of the most popular cryptocurrency exchanges in the USA and the exchange’s owners, Winklevoss brothers introduced their stablecoin project Gemini Dollar (GUSD). Tyler Winklevoss announced that they have received a license from the New York Department of Financial Services too.
What is Gemini Dollar?
The cryptocurrency known as Gemini Dollar (USD) was developed in order to send dollar over the Ethereum blockchain and provide liquidity. Gemini cryptocurrency exchange will back every GUSD with a US Dollar on a 1:1 basis in its storage.
How Does Gemini Dollar (GUSD) Work?
Actually GUSD is one of the first licensed stablecoins with Paxos Standard (PAX). They are licensed and insured by the Federal Deposit Insurance Corporation (FDIC). Every dollar that backs the GUSD will be stored by State Street Bank. Gemini will not only provide transparency by this but also show incredible security to its customers. Winklevoss twins also made a comment about Tether stablecoin which is one of the most controversial cryptocurrencies in the sector:
“Till now, there wasn’t any digital representative of US Dollar in a transparent and decentralized way. Gemini Dollar combines the USD’s stability with blockchain technology and supervision of USA based regulators.”
How & Where To Buy Gemini Dollar (GUSD)?
You can buy GUSD as an alternative to Tether from Gemini or Bitfinex cryptocurrency exchanges.
