The Gemini dollar was designed to provide a transparent and regulatory-compliant connection between traditional financial systems, which are based on fiat currencies, and the ever-growing blockchain industry. Released on September 10, 2018, GUSD is an ERC-20 token that can be stored in any digital wallet that accepts Ethereum tokens.
Gemini dollar is a stablecoin that combines the creditworthiness and price stability of the U.S. dollar with the technological advantages of a cryptocurrency. It is a cryptographic token built on the Ethereum network according to the ERC-20 standard and is strictly pegged 1:1 to the U.S. dollar. As an ERC-20-compliant token, the Gemini dollar can be transferred to the Ethereum network easily.
Gemini dollars are created when they are bought with U.S. dollars on Gemini and redeemed when they are sold for U.S. dollars on Gemini. GUSD is also available to trade and custody on several other exchanges and is supported by many projects in the crypto ecosystem.
Each GUSD corresponds to a U.S. dollar that is held by Gemini. The U.S. dollar cash portion of these GUSD reserves, which may be held at Silvergate Bank, State Street Bank, and Trust Company, or Signature Bank.The primary channel for buying and selling GUSD is the Gemini exchange.
However, the Gemini Dollar is also available to trade on several exchanges and is supported by many platforms in the cryptocurrency ecosystem (see all exchanges and platforms). Overall, Gemini Trust makes use of a centralized system that helps protect against security threats, giving the Gemini dollar key regulatory advantages over many of its competitors.
The Gemini Dollar protocol is built on the Ethereum blockchain and leverages smart contract technology. To guarantee security and stability, as well as support scalability, optimize efficiency, and easily resolve bugs, the Gemini Dollar protocol is separated into multiple, independent, but coordinated layers in a configuration known as “contract separation.” The following three layers make up the contract separation process: Proxy, Implement, and Store.
Who are the founders of Gemini Dollar (GUSD)?
Gemini dollar is issued by Gemini, a New York trust company regulated by the New York State Department of Financial Services.
What is Gemini Dollar (GUSD) used for?
Send U.S. dollars to anyone in the world on the blockchain as easily as sending an email, in just a few clicks.
Earn interest on GUSD holdings by using lending services with interest rates of up to 9% per year.
Make routine purchases at several retail outlets (including Bed Bath & Beyond, AMC Theaters, and Nordstrom).
Perform larger transactions such as booking travel (via Travala.com) or paying freelancers (via Latium).
For example, a Brazilian company leveraged GUSD to create a real estate security token to drive value and transparency for its investors. These tokens yield dividends and are traded using GUSD.
Trade with other ERC-20 tokens on decentralized exchanges like Uniswap and Curve.
Send remittance payments to friends and family in other countries around the world.
How is Gemini Dollar (GUSD) unique?
The Gemini Dollar (GUSD) acts as a bridge between traditional financial systems and the blockchain-based financial system, focusing on giving users more transparency and financial freedom.
Gemini secured a New York state charter in 2015 and was one of the first cryptocurrency exchanges to become fully regulated in the United States. It is subject to New York banking laws and the regulatory authority of the New York State Department of Financial Services (NYDFS).
Gemini has proactively developed its relationship with legal and regulatory bodies to foster trust between the traditional financial system and the blockchain community. Notably, Gemini was the first exchange to apply for and be designated as a New York Trust Company.
GUSD is audited monthly by BPM. To further maintain transparency, anyone may view GUSD’s transaction history along with its current price, market cap, and other pertinent data on an Ethereum network block explorer such as EtherScan or EtherChain (bear in mind that GUSD is an ERC-20 token built on the Ethereum network).
Using such a block explorer, all parties can openly view the total number of GUSD in circulation at any given time, which encourages a system of mutual trust between Gemini and its users.
How many Gemini Dollar (GUSD) coins are in circulation?
There are 785,912,030 GUSD in circulation.
How is the Gemini Dollar network secured?
Gemini dollar is audited monthly by BPM, a private and independent accounting firm, which ensures there is parity between the amount of USD in reserve and the amount of GUSD in circulation. To further maintain transparency, the GUSD ledger itself is stored on the Ethereum blockchain.
By storing GUSD on the Ethereum network, all parties can openly view the total number of GUSD in circulation at any time. The GUSD Ethereum smart contract has also been audited by Trail of Bits, a leading information security research, and development firm.
Gemini implements several security measures — including full KYC (Know Your Customer) and AML (Anti-Money Laundering) screening — to ensure that GUSD remains transparent, secure, and regulated for its users.
How do I buy Gemini Dollar (GUSD)?
The GUSD token can be used for a wide range of uses, like staking and transcation.
GUSD tokens can be easily purchased by following the following steps.
Open an account with the crypto trading platform.
* Transfer the specific amount of your fiat currency to your account.
Which Cryptocurrency Wallet Supports Gemini Dollar (GUSD)?
The PTPWallet platform supports many cryptocurrencies with Gemini Dollar soon to be included. Because of its vast use case, PTPWallet has grown to become one of the most used platforms, as it serves as an exchange and an engine to discover other cryptocurrencies. The platform offers a simple user interface, supported by both Android and iOS devices, and comes with its own mobile wallet app.