The Gemini Trust Company (Gemini), established in February 2014, is a platform for trading and safeguarding digital currencies, enabling users to buy, sell, and store digital assets. The cryptocurrency exchange Gemini launched the Gemini Dollar (GUSD), a stablecoin.
In September 2018, the New York Department of Financial Services (NYDFS) approved the company's proposal to introduce this stablecoin. Gemini Trust Company holds U.S. dollar deposits that match the quantity of tokens in circulation.
The Gemini Dollar itself is an ERC-20 token built on the Ethereum blockchain, with its smart contracts being audited by the security firm Trail of Bits Inc.
This stablecoin aims to connect traditional finance with the cryptocurrency world since it is fully regulated by the NYDFS.
Who Are the Founders of Gemini Dollar?
Tyler Winklevoss and Cameron Winklevoss are the masterminds behind the Gemini Dollar (GUSD).
Tyler Winklevoss serves as the co-founder and CEO of Gemini, while also being the president of WinkDex and co-founding Winklevoss Capital. Moreover, he is an advisor at Rowing Blazers.
Cameron Winklevoss is the co-founder and president of Gemini and also holds the position of CEO at WinkDex and co-founded Winklevoss Capital. He too advises Rowing Blazers.
Both brothers graduated from Harvard University with a Bachelor of Economics in 2004 and later earned an MBA from the University of Oxford's Saïd Business School.
What Makes Gemini Dollar Unique?
The Gemini Dollar stands out as the first stablecoin backed by the U.S. dollar to receive support from a U.S. regulatory authority. It is an ERC-20 token built on the Ethereum network.
Unlike Bitcoin and other traditional cryptocurrencies, the Gemini Dollar maintains a stable value without experiencing wild price swings. This stability is achieved through advanced computational methods or by linking its value to assets like fiat currencies, such as USD or EUR, or commodities like gold. The Gemini Dollar is crafted to offer a transparent, regulation-compliant bridge between traditional finance systems and the blockchain industry.
How Many Gemini Dollar (GUSD) Coins Are There in Circulation?
The Gemini Dollar is available for trading on 41 different exchanges, having reached an all-time high of $1.3435.
To ensure the necessary 1:1 dollar backing, the balance of deposits at Gemini's U.S. bank is reviewed monthly by LLP, BPM, and other independent registered public accounting firms.
How Is the Gemini Dollar Network Secured?
As an ERC-20 token, the Gemini Dollar operates on the Ethereum network, with its smart contracts undergoing audits by the security company Trail of Bits Inc.
The private keys used for signing cryptocurrency transactions are stored offsite in secure, guarded, and geographically distributed facilities utilizing cloud storage.
Keys are kept on hardware security modules (HSMs) that meet or exceed U.S. government computer security standards such as FIPS 140-2 Level 3.
Additionally, multisignature technology, known as multisig, adds an extra layer of security against attacks and enhances fault tolerance.
Transferring funds from cloud storage requires multiple signatories, ensuring that neither Tyler nor Cameron Winklevoss can individually or jointly move customer funds into or out of the hot wallet or cloud storage.
Where Can You Buy Gemini Dollar (GUSD)?
You can purchase, sell, and trade the Gemini Dollar or GUSD on various exchanges, including:
