Gemini Dollar is a US dollar-backed stablecoin and a digital representation of cash that can be used to interact with the crypto economy. GUSD combines the reliability and price stability of the US dollar with the speed and efficiency of a cryptocurrency.
What are Gemini Dollars?
Gemini Dollar is a stablecoin pegged to and backed by US dollars held in FDIC insured bank accounts. Funds held in reserves are routinely audited by accounting firm BPM LLP. GUSD, an ERC20 coin built on top of the Ethereum network, and its smart contracts are developed by security firm Trail of Bits Inc. controlled by.
What is GUSD?
GUSD is the native cryptocurrency of the Gemini Dollar project. It was created by Gemini, the crypto exchange founded by Cameron and Tyler Winklevoss in 2014. Gemini received approval from the New York Department of Financial Services (NYDFS) to launch its stablecoin in 2018. The company claims that GUSD is the first regulated cryptocurrency. However, Paxos also launched a stablecoin regulated by NYDFS on the same day. Gemini Trust Company LLC holds US Dollar deposits corresponding to the number of tokens in circulation.
GUSD is built on Ethereum, meaning token creation is the result of executable smart contracts. The contract responsible for increasing the supply must be signed with an online key up to a certain limit. An offline signature is required to mint coins beyond this limit. This aims to increase the security of token issuance.
Smart contract execution requires a multi-signature approval scheme for “high-risk action” with additional fault tolerance and an offline signature. After approval, these specific actions are time constrained for a certain amount of time to detect or respond to security events. All pending transactions can be canceled to avoid malicious actors.
Gemini Dollar has no set circulation schedule or fixed supply limit. The token is pegged to the US dollar with a 1:1 reserve backing it.
How to Buy GUSD?
To buy Gemini Dollar, you must first know the exchanges where this cryptocurrency is listed. You must have an account on one of these exchanges. If you do not have an account, you must create an account and log in. After logging in to the exchange, you need to load the balance into the passbook. You can top up your balance with a credit or debit card, or you can make transactions by bank transfer. After loading the balance, you can buy the desired amount of GUSD and keep it in a hot or cold wallet.
Cryptocurrency exchanges where Gemini Dollar can be purchased are:
- Coinbase Exchange
- Bitstamp
- Gemini
- Uniswap v3 (Ethereum)
- EXMO
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