{"id":8704,"date":"2018-09-12T00:00:00","date_gmt":"2018-09-12T00:00:00","guid":{"rendered":"https:\/\/crypto-economy.com\/2018\/09\/12\/gemini-announces-release-gemini-dollar\/"},"modified":"2018-09-12T00:00:00","modified_gmt":"2018-09-12T00:00:00","slug":"gemini-announces-release-gemini-dollar","status":"publish","type":"post","link":"https:\/\/crypto-economy.com\/gemini-announces-release-gemini-dollar\/","title":{"rendered":"Gemini announces the release of the Gemini dollar"},"content":{"rendered":"
Cryptocurrency exchange Gemini has announced the release of a USD-pegged coin that aims to overthrow Tether (USDT) as the stablecoin of choice among investors.<\/p>\n
Dubbed as Gemini dollar<\/strong> (GUSD), the new asset by Cameron and Tyler Winklevoss poses as a \u201ctrusted and regulated digital representation\u201d<\/em> of the U.S. dollar that can be sent and received just like any other cryptocoin, without traditional currency limitations such as transactions only during \u201cbusiness hours\u201d.<\/em><\/p>\n \u201cTo date, there has been no\u00a0trusted and regulated\u00a0digital representation of the U.S. dollar that moves in an open, decentralized manner like cryptocurrencies,\u201d<\/em> reads the post<\/a><\/strong> by Cameron. \u201cThe Gemini dollar combines the creditworthiness and price stability of the U.S. dollar with blockchain technology and the oversight of U.S. regulators, namely, the New York State Department of Financial Services (NYDFS).\u201d<\/em><\/p>\n The GUSD was developed as an Ethereum ERC20 token<\/strong> \u2013 unlike Tether<\/a><\/strong>, which was built on the Bitcoin blockchain through the Omni Layer Protocol \u2013 and users can acquire it by depositing USD into their Gemini accounts, then converting them into tokens. If wanted, they can later withdraw those tokens to any Ethereum address, or exchange them for physical dollars.<\/p>\n