RATE Group | Gemini Can Freeze its USD-Pegged Cryptocurrency at Any Time
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Gemini Can Freeze its USD-Pegged Cryptocurrency at Any Time

15 Sep Gemini Can Freeze its USD-Pegged Cryptocurrency at Any Time

Posted at 01:40h in Cryptocurrency News by

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Gemini Dollar GUSD Cryptocurrency Stablecoin Frozen

Much has been made in recent days about how Gemini dollar (GUSD), a USD-pegged stablecoin created by the Winklevoss-founded Gemini cryptocurrency exchange, can help regularize cryptocurrency as a mainstream asset class. However, decentralization hardliners may be dismayed by the details of this grand bargain.

GUSD Smart Contract Gives Gemini Broad Control

Writing on tech publication Good Audience, blockchain researcher Alex Lebed performs a code review of the Gemini dollar smart contract, finding that, contrary to the ethos and technical specifications of decentralized cryptocurrencies like bitcoin, GUSD includes a provision that allows its “custodian” — namely Gemini — to freeze any account.

Lebed — who, in full disclosure, is also attached to a separate stablecoin project — further notes that GUSD uses an ERC20Proxy contract that gives Gemini, as the custodian, the ability to upgrade the contract once every 48 hours, giving it among a myriad of other things the…

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