What Is Gemini Dollar (GUSD)?
Gemini Trust Company is a digital currency exchange and custodian. You can use Gemini to purchase, trade, and store digital assets. The GUSD was created by Gemini.
In September of 2018, the NYDFS gave approval for the establishment of the stablecoin. Paxos is considered one of the first stablecoins, somewhat like Gemini Trust Company’s USD reserves that match the total number of coins in circulation.
The Gemini Dollar is an ERC-20 token running on the Ethereum network that has been audited by Trail of Bits Inc. It’s a smart contract-based cryptocurrency with audited smart contracts developed by Trail of Bits Inc.
Because this particular stablecoin is totally regulated by the NYDFS, it serves as a bridge between conventional finance and the crypto industry.
Who Are the Founders of Gemini Dollar?
Tyler Winklevoss and Cameron Winklevoss are the brains behind Gemini Dollar (GUSD). Tyler Winklevoss is the founder and CEO of Gemini as well as the co-founder and president of Winkevoss Capital. Tyler Winklevoss is also a board member for Rowing Blazers. GUSD was created by Tyler and Cameron Winklevoss, who were inspired by Bitcoin.
Gemini is the co-founder and president, as well as the CEO of WinkDex and Winkevoss Capital. Cameron Winklevoss is also an adviser for Rowing Blazers. They both attended Harvard University in 2004 and obtained a Master of Business Administration from the University of Oxford’s Saïd Business School in 2005.
What Makes Gemini Dollar Unique?
The Gemini Dollar is the first U.S. dollar-backed stablecoin. This means that it is linked to the U.S. dollar and it will always have the same value as one U.S. dollar. The Gemini Dollar is different from traditional cryptocurrencies like Bitcoin because it doesn’t fluctuate in value as much. This is thanks to certain things that are built into the Gemini Dollar to keep its value stable.
You can do this by using advanced computation or binding a value to underlying assets like flat currencies like USD, EUR, or even gold. The Gemini Dollar is designed to provide a transparent and compliant connection between the traditional financial systems and the blockchain industry as a whole.
How Many Gemini Dollar (GUSD) Coins Are There in Circulation?
The Gemini Dollar can be traded on 41 exchanges, and had an all-time high value of $1.3435.
To verify that the necessary 1:1 peg is backed by dollars, the deposit balance at Gemini’s U.S. bank is examined on a monthly basis by LLP, BPM and independently registered public accounting firms.
How Is the Gemini Dollar Network Secured?
The Gemini Dollar is a cryptocurrency that is built on the Ethereum network. It has smart contracts that have been audited by security company Trial of Bits Inc. The private keys that are used to sign the transactions for this currency are stored in secure, guarded, and geographically distributed facilities on a cloud storage system.
The keys are stored on hardware security modules, which meet or exceed U.S. government computer security standards. Multisignature technology is also used to provide an extra layer of security from attacks and make the system more fault tolerant.
In order to transfer funds out of cloud storage, multiple signatories are required. This means that Tyler Winklevoss and Cameron Winklevoss cannot transfer customer funds into or out of the hot wallet or cloud storage system by themselves.