Gemini dollar

From CryptoMarketsWiki
(Redirected from Gemini Dollar)
Jump to: navigation, search


Gemini dollars (GUSD) are a new cryptocurrency that is native to the Gemini exchange, as well as 25 others.[1][2] They are pegged, or interchangeable with the value of an asset like gold or fiat currency, similar to Tether. They will be considered a form of stablecoin.[3][4]

Background

In September 2018, Cameron and Tyler Winklevoss received approval from the New York Department of Financial Services to launch the Gemini dollar, which will be backed by funds held by the State Street corporation.[5]

Gemini dollar prices broke the peg to the U.S. dollar on October 15 and 16, 2018 hitting $1.14 and $1.19, respectively.[6] By October 19, the Gemini dollar price had receded to $1.01.[7] Later that month, Cameron Winklevoss wrote on the company's official blog that GUSD has been adopted by 25 exchanges.[8]

References