RATE Group | Gemini Launches Ethereum-Based Stablecoin Gemini Dollar (GUSD)
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Gemini Launches Ethereum-Based Stablecoin Gemini Dollar (GUSD)

12 Sep Gemini Launches Ethereum-Based Stablecoin Gemini Dollar (GUSD)

Posted at 20:49h in Ethereum News by

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New York regulators have given the Winklevoss twins the green light to launch their stablecoin. This development is widely regarded as a major step in the industry as it will facilitate the entry of new capital into the ecosystem.

Starting Monday, September 10, 2018 users will be able to convert U.S. dollars in their Gemini account into Gemini dollars (GUSD) and withdraw them to any Ethereum address specified by the user.

GUSD will benefit from FDIC deposit insurance, although indirectly. Users can also convert the GUSD to USD by depositing them in their Gemini account.

Gemini Dollar to be pegged 1:1 against the U.S Dollars

According to a blog post by Gemini, the Gemini dollar has been pegged 1:1 against the U.S Dollar and will become the world’s first regulated stablecoin.

The stablecoin will make it possible for users to both send and receive U.S. dollars on the ethereum network, using ERC20 tokens.

Just last month, Tyler Winklevoss, co-founder, and CEO of Gemini Trust spoke in an…

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