{"id":5884,"date":"2018-09-10T19:29:14","date_gmt":"2018-09-10T16:29:14","guid":{"rendered":"https:\/\/forklog.media\/?p=5884"},"modified":"2018-09-10T19:31:47","modified_gmt":"2018-09-10T16:31:47","slug":"gemini-launches-worlds-first-regulated-stablecoin","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/gemini-launches-worlds-first-regulated-stablecoin\/","title":{"rendered":"Gemini Launches World\u2019s First Regulated Stablecoin"},"content":{"rendered":"<p>Cryptocurrency exchange Gemini, which was founded by Cameron and Tyler Winklevoss, has announced the launch of the &#8220;Gemini Dollar&#8221; (GUSD), a dollar-backed stablecoin built on the Ethereum network according to the ERC20 standard for tokens.<!--more--><\/p>\n<p>The <a href=\"https:\/\/gemini.com\/dollar\/\" target=\"_blank\" rel=\"noopener\">Gemini dollar<\/a> aims to become a \u201ctrusted and regulated digital representation\u201d of the U.S. dollar that can be transmitted across the blockchain and traded on cryptocurrency exchanges throughout the world.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en-gb\">\n<p dir=\"ltr\" lang=\"en\">We are excited to announce our launch of the Gemini dollar (GUSD), the world&#8217;s first regulated stablecoin! For more information, please visit our blogpost on <a href=\"https:\/\/twitter.com\/Medium?ref_src=twsrc%5Etfw\">@Medium<\/a> <a href=\"https:\/\/t.co\/O9jljzSljj\">https:\/\/t.co\/O9jljzSljj<\/a><\/p>\n<p>\u2014 Gemini (@GeminiDotCom) <a href=\"https:\/\/twitter.com\/GeminiDotCom\/status\/1039152574421712897?ref_src=twsrc%5Etfw\">10 September 2018<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong>\u201cTo date, there has been no trusted and regulated digital representation of the U.S. dollar that moves in an open, decentralized manner like cryptocurrencies,\u201d<\/strong> Cameron Winklevoss wrote in the announcement.<strong> \u201cThe Gemini dollar (ticker symbol: GUSD) combines the creditworthiness and price stability of the U.S. dollar with blockchain technology and the oversight of U.S. regulators, namely, the New York State Department of Financial Services (NYDFS).\u201d<\/strong><\/p><\/blockquote>\n<p>Starting today, users will be able to convert U.S. dollars in their Gemini account into GUSD and withdraw them to an Ethereum specified address. The Gemini dollars can also be automatically converted into U.S. dollars by depositing them into user\u2019s Gemini account.<\/p>\n<p>As outlined in the Gemini dollar <a href=\"https:\/\/gemini.com\/dollar\/whitepaper\" target=\"_blank\" rel=\"noopener\">white paper<\/a>, GUSD is structured as an ERC-20 token on the Ethereum blockchain. The U.S dollars that correspond to GUSD issued and in circulation will be held at a bank located in the United States and eligible for Federal Deposit Insurance Corporation (FDIC) \u201cpass-through\u201d deposit insurance, subject to applicable limitations. In addition, the U.S dollar deposit balance will be examined monthly by an independent registered public accounting firm to verify the 1:1 peg.<\/p>\n<p>Gemini say the exchange has enlisted an independent registered public accounting firm to publish monthly reports verifying that the tokens are fully-backed by USD and has also subjected the GUSD smart contracts to a full audit by an independent security firm.<\/p>\n<p>According to <a href=\"https:\/\/www.marketwatch.com\/story\/winklevoss-twins-gemini-trust-launches-worlds-first-regulated-stablecoin-2018-09-10\" target=\"_blank\" rel=\"noopener\">MarketWatch<\/a>, GUSD will be held by State Street Bank, and the deposit balance will be audited monthly by BPM Accounting and Consulting.<\/p>\n<p>Anthony Pomplianao, Founder &amp; Partner at Morgan Creek Digital, has commented on the launch of the Gemini dollar saying that \u201cthe market continues to mature.\u201d<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en-gb\">\n<p dir=\"ltr\" lang=\"en\">Winklevoss twins just announced a stablecoin backed by USD. The Ethereum-based token is:<\/p>\n<p>&#8211; Approved by NY Department of Financial Services<br \/>\n&#8211; Dollars held in FDIC-insured State Street account<br \/>\n&#8211; Audited by multiple third-parties at various times<\/p>\n<p>The market continues to mature.<\/p>\n<p>\u2014 Pomp ? (@APompliano) <a href=\"https:\/\/twitter.com\/APompliano\/status\/1039141601803685891?ref_src=twsrc%5Etfw\">10 September 2018<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Gemini believes that GUSD will provide \u201ca crucial link between the traditional banking system and the new, rapidly growing crypto economy,\u201d and it will be interesting to see whether this new asset will be able to become a choice among Bitcoin traders and potentially replacing the controversial Tether (USDT) token.<\/p>\n<p>Last month, several of the world\u2019s largest cryptocurrency exchanges, including Bitstamp and Bittrex, has <a href=\"http:\/\/forklog.media\/leading-cryptocurrency-exchanges-team-up-with-winlkevoss-twins-to-create-a-self-regulatory-organization\/\" target=\"_blank\" rel=\"noopener\">joined a Winlkevoss brothers\u2019 initiative<\/a> to create a self-regulatory organization in an effort to prevent fraud and manipulation in digital assets markets.<\/p>\n<p>Follow ForkLog on <span style=\"text-decoration: underline;\"><a href=\" https:\/\/twitter.com\/forklog_en\/\" target=\"_blank\" rel=\"nofollow noopener\">Twitter<\/a><\/span> and <span style=\"text-decoration: underline;\"><a href=\"https:\/\/www.facebook.com\/forklogen\/\" target=\"_blank\" rel=\"nofollow noopener\"> Facebook<\/a><\/span>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Cryptocurrency exchange Gemini, which was founded by Cameron and Tyler Winklevoss, has announced the launch of the &#8220;Gemini Dollar&#8221; (GUSD), a dollar-backed stablecoin built on the Ethereum network according to the ERC20 standard for tokens.<\/p>\n","protected":false},"author":1,"featured_media":5885,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"human_written","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[48,719,869,807],"class_list":["post-5884","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-exchanges","tag-gemini","tag-gusd","tag-stablecoins"],"aioseo_notices":[],"amp_enabled":true,"views":"394","promo_type":"1","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/5884","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=5884"}],"version-history":[{"count":2,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/5884\/revisions"}],"predecessor-version":[{"id":5887,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/5884\/revisions\/5887"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/5885"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=5884"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=5884"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=5884"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}