The Winklevoss twins published a white paper of the world’s first regulated stablecoin – Gemini dollar (GUSD) – backed by US dollar at 1:1 ratio.
Based on ERC20 standard, this new token was approved by the New York State Department of Financial Services (NYDFS). Gemini dollars will be held at a bank account eligible for FDIC “pass-through” deposit insurance and subject to monthly examination by an independent registered public accounting firm. The token was made available for purchase on September 10.
As noted by the Winklevoss brothers in the official press release, they have founded Gemini over four years ago aiming to “build a bridge to the future money”:
“As a first step, this meant making it safe and easy to buy, sell, and store cryptocurrencies like bitcoin, ether, and Zcash <…> As a next step in our mission, we must improve the linkage between these worlds by giving fiat currency the same desirable technological qualities of cryptocurrencies.”
The co-founders of Gemini cryptocurrency exchange also pointed out, that unlike fiat currencies, which are tied to specific “business hours” established by banks and exchanges, cryptocurrencies are unconfined to time and geography, and the issuance of Gemini dollars is to remedy this “fundamental mismatch”.
Last month, Gemini has reportedly begun forging its partnership with Nasdaq as well.