Winklevoss firm launches new stablecoin, the Gemini dollar (GUSD)

10 Sep, 2018
by David Robb
Breaking News
Winklevoss firm launches new stablecoin, the Gemini dollar (GUSD)

The Winklevoss twins' Gemini Trust has announced the launch of a new stablecoin. The Gemini dollar will be based on the Ethereum network, and it will be a direct competitor to Tether and other stablecoins like TrueUSD.

The Gemini dollar has received approval from the New York Department of Financial Services. Its launch is intended to bridge the gap between traditional banking and cryptocurrencies. Gemini dollars (GUSD) will have the stability and creditworthiness of a traditional fiat currency, but with the ease of movement and decentralization offered by cryptos.

Tether, currently the 8th largest crypto by market cap, has a similar function. However, the token has recently been struggling with technical flaws, as well as dealing with issues related to trust and regulation. Many have suggested that it is being used in order to manipulate the crypto markets.

In an interview with CNBC, Tyler Winklevoss said that "it is really a matter of bringing your US dollars on to the blockchain and making them borderless 24/7... I don’t think any of the offerings do adequate job in solving the trust problem. This [Gemini dollar] is the world’s first regulated stablecoin".

Read more: Winklevoss on SEC rejection: 'Wall Street is taking cryptocurrencies seriously'Tether no longer able to pump crypto prices in major dump season like nowTether problems keep emerging: double-spend vulnerability detected

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Read more about: Tether (USDT)


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