Introduction to Gemini Dollar (GUSD)
Gemini Dollar (GUSD) is a stablecoin issued by Gemini Trust Company, founded by Cameron and Tyler Winklevoss. Its primary aim is to combine the stability of the US Dollar with the efficiency of blockchain technology.
Features
- Dollar Pegged: Each GUSD is pegged to a reserve of US Dollars, providing stability that is not found in other cryptocurrencies like Bitcoin and Ethereum.
- Regulation: GUSD is regulated by the New York State Department of Financial Services (NYDFS), ensuring compliance with financial regulations and regular audits.
- Operational Mechanism: The operation of GUSD is quite straightforward, supported by blockchain technology and banking partnerships. Users can purchase GUSD through the Gemini exchange platform, and upon purchase, the Gemini Trust Company will safely store an equivalent amount of US Dollars in a bank account that is periodically audited.
- Blockchain Support: Transactions involving GUSD occur on the Ethereum blockchain, which serves as the backbone for the token's smart contracts.
More Information
- Official Whitepaper: https://www.gemini.com/static/dollar/gemini-dollar-whitepaper.pdf
- Official Website: https://www.gemini.com/dollar
The design of GUSD aims to provide users with a reliable stablecoin, combining the stability of the US Dollar with the efficiency of blockchain technology.
