Gemini dollar

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The Gemini dollar (GUSD) is a cryptocurrency stablecoin issued by the Gemini exchange, as well as tradable on 25 other exchanges.[1][2] They are pegged, or interchangeable, with the value of an asset like gold or a fiat currency, similar to Tether. They are considered a form of stablecoin.[3][4]

Background[edit]

In September 2018, Gemini Exchange received approval from the New York Department of Financial Services to launch the Gemini dollar, which was backed by funds held at the State Street Corp.[5]

Gemini dollar prices broke the peg to the U.S. dollar on October 15 and 16, 2018, hitting $1.14 and $1.19, on the respective dates[[.[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 had been adopted by 25 exchanges.[8]

References[edit]