Kriptoks

GUSD is a stablecoin that operates on the Ethereum blockchain, aiming to maintain a stable value of US $1.00. The GUSD token is backed by US dollars held at State Street Bank. Gemini cryptocurrency exchange is where users can buy and redeem GUSD.

Gemini Dollar (GUSD) is a cryptographic token that is pegged 1:1 to the U.S. dollar, built on the Ethereum network based on the ERC20 standard. This stablecoin combines the price stability and the creditworthiness of the U.S. dollar with the technological advantages of a cryptocurrency. Gemini dollars are created when someone purchases something on the Gemini platform and are redeemed or destroyed when someone sells something on the same platform.

The whitepaper states that cryptocurrencies have recently become more popular, as has investor interest. They carry as much promise as the internet but are subject to significant price fluctuations, limiting their use as a medium of exchange. A stablecoin can address this issue. A stablecoin issuer provides a token to consumers in exchange for a predetermined traditional currency. The US dollar is an ideal peg for a stablecoin since it is an in-demand medium of exchange and a globally recognized unit of account.

The Gemini team proposes the Gemini dollar coin (GUSD) as a stablecoin that people can trust. Each GUSD represents a US dollar held by Gemini in FDIC-insured bank accounts in the United States, and money market funds hold short-term US Treasury bonds held with a custodian. GUSD can be used for trading and staking in DeFi, and trading GUSD on the Gemini Exchange is free. As an ERC-20 compliant token, GUSD can be transmitted on the Ethereum network.

Gemini is a New York trust company regulated by the New York State Department of Financial Services (NYSDFS). Gemini is a qualified custodian and a fiduciary, and its principle is "security first." The culture of seeking permission rather than forgiveness is also prevalent.

The Gemini dollar was launched in 2018, and its popularity has been increasing since then. It is one of the most widely used stablecoins and has helped to foster trust in the cryptocurrency ecosystem. The Gemini team has continued to work towards improving its platform, and it remains a popular choice for traders looking for a reliable stablecoin.