The Winklevoss Brothers, Cameron and Tyler, have launched a stable coin today called the Gemini dollar after approval from New York regulators. The brothers are famous for the Gemini trading platform (created 4 years ago) in addition to work with Mark Zuckerberg in the early creation of Facebook (they got a settlement for their work). The coin has the approval of the NYDFS, the NY department of financial services.
The coins will be backed by US dollars, thus creating a coin that is more stable in price then others. This is Gemini’s first cryptocurrency coin. They have in the past tried to get an ETF approved for cryptocurrencies but have been rejected by the SEC. The coin is traded on the Ethereum network with the symbol (GUSD). You can easy convert between UDS and GUSD by depositing money into your Gemini account.
Dollars will be audited and held in a secure insured (FDIC) account with State Street Bank. Blockchain contracts for Gemini dollar will also be audited. The 1:1 ratio will be maintained through these audits by BPM Accounting and Consulting. The Winklevoss brothers feel the coin represents a link between the traditional currency and the blockchain, thus creating a new form of money for the future.
Another company, Paxos, made a similar announcement this morning also claiming to have the first stable coin approved by regulators.The Paxos Standard (PAX) has also been approved by the NYDFS.
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