Gemini Dollar: What We Know About GUSD


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📝 Overview 📝

The Gemini dollar (GUSD) is a stablecoin that is issued by the Gemini exchange. This coin was launched in September of 2018.

Gemini Dollar is issued by one of the few regulated exchanges in the US. It is also one of the few that has a licence to operate within New York state.

The GUSD is also 100% dollar backed. They hold the funds in the State Street Bank and Trust company in New York – which is FDIC insured.

They also have employed the auditing services of BPM LLP to make sure that the bank balance always reflects the token supply.

The Gemini dollar was issued on the Ethereum blockchain and, as such, is an ERC20 standard token.

Using Ethereum smart contracts, every time dollars are deposited into the reserve, these tokens are generated. Similarly, whenever there is a redemption of funds then a corresponding amount of GUSD tokens are burned.

This is all done to ensure that the reserves equal the amount of GUSD outstanding.

The GUSD can be bought on exchanges such as Gemini, Coinsuper, FatBTC etc. These are less reputable than Gemini itself.

Turnover on these exchanges is pretty reasonable although not near the levels of other stablecoins.

In terms of storage, given that these are ERC20 standard tokens, you have a great deal of support for it. We would suggest a hardware wallet though.


📜 Disclaimer 📜

The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading Forex, cryptocurrencies and CFDs poses considerable risk of loss. The speaker does not guarantee any particular outcome.

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