Gemini Dollar (GUSD): World’s First Regulated Stable Coin
Gemini Dollar Quick Stats
The Gemini dollar (GUSD), a stable coin created by the Winklevoss Twins, is an ERC20 token that is the first regulated stable coin in the world. The Gemini dollar combines the creditworthiness and price stability of the U.S. dollar with blockchain technology and the oversight of U.S. regulators. For new and veteran crypto participants, this stable coin provides peace of mind with unparalleled oversight and accountability. Therefore, we are happy to offer Gemini Dollar (GUSD) payment processing to our all our businesses and users.
How Does it Work?
The Gemini dollar is built on the Ethereum network. As a stable coin, it is pegged to the US dollar to mitigate price volatility and inspire trust in the token for use as a transactional digital currency. To maintain its 1-to-1 price to the US dollar, Gemini dollars are only created at the time of withdrawal and are burned (destroyed) at the time of deposit into the Gemini platform.
On top of having the usual characteristics of a stable coin, the Gemini dollar also benefits from robust oversight into its financial standing and regulatory compliance according to US regulators. Each month, the company that administers the Gemini dollar, Gemini Trust Company LLC, has their balance of US dollars examined by BPM, LLP, a registered public accounting firm, to verify the 1-to-1 peg of US to Gemini dollars. Each report is published and made available to the public to maintain transparency and confidence in the Gemini dollar.
The core components of the Gemini dollar system are three smart contracts referred to as ‘Proxy’, ‘Impl’, and ‘Store’. ‘Proxy’ is the public face of the Gemini dollar and provides the interface with which token holders can interact and perform operations related to the Gemini system. ‘Proxy’ delegates the rights to execute the logic that governs core features to the ‘Impl’ smart contract. This contract does not directly control the data that constitutes the ledger of the Gemini dollar but delegates the ownership of the ledger to the smart contract ‘Store’, the external and eternal Gemini dollar ledger.
Why Choose Gemini Dollar?
The creators of the Gemini dollar realized that along with the technical advantages a coin must have to succeed in the digital marketplace, it must also solve the issues around trust and volatility that many cryptocurrencies have been struggling with for the past several years. These are probably the most significant barriers to success that cryptocurrencies currently face. Thanks to the foundation of oversight and regulation that is built into the Gemini project, this issue of trust has been mitigated, while the price pegging to the US Dollar solves the volatility concern, leaving these worries at the door for crypto users.
For more information about our integration of the Gemini Dollar, or to learn about Gemini Dollar (GUSD) payments, please get in contact with us.
|CREATION DATE:||February, 2014|
|DEVELOPMENT STAGE:||Full Release|
|BLOCK TARGET:||15 seconds|