The Gemini Dollar (GUSD) is an Ethereum request for comment (ERC20) stablecoin created by the infamous Winklevoss Twins’ Gemini Trust. Impressively, they trade the Gemini Dollar on several large cryptocurrency exchanges.
Uniquely, Tyler and Cameron Winklevoss are the early Facebook investors turned cryptocurrency enthusiasts responsible for the Gemini crytpo asset platform and storage solution. In addition, to the twins have made several unsuccessful attempts to get regulatory approval for a cryptocurrency exchange-traded fund.
America’s most important state financial regulator the NYDFS regulates the Gemini Dollar (GUSD)
In particular, a state government in the United States regulates the Gemini Dollar. Specifically, the New York State Department of Financial Services (NYDFS) approved the Gemini Dollar, Fortune reports.
However, there is no evidence America’s national financial regulators like the Securities and Exchange Commission (SEC) regulate or oversee the GUSD. To clarify, under America’s federal system, both the state and national governments regulate equities and securities.
On the other hand, America’s most important state financial regulator the NYDFS regulates the Gemini Dollar. The NYDFS is influential because Wall Street and the headquarters of most large US financial institutions are in New York City.
State Street Enters the Stablecoin Business with the Gemini Dollar (GUSD)
I think the Gemini Dollar (GUSD) is one of the most interesting stablecoins because they designed it for trading rather than as currency.
Signficantly, the US exchange-traded fund (ETF) giant State Street (NYSE: STT) holds the dollars pegged to the Gemini Dollar in trust accounts , Market Watch reports. Moreover, Mr. Market gives the Gemini Dollar some real value.
Impressively, Coinmarketcap gives the Gemini Dollar a Market Capitalization of $72.155 million and a Coin Price of $1.01 on 13 March 2019. In addition, the Gemini Dollar had a 24-Hour Market Volume of $3.21 million on March 13, 2019. Moreover, there was a circulating supply of 71.214 million GUSD on the same day.
Hence, the Gemini Dollar (GUSD) looks like a good cryptocurrency. However, I cannot see how it differs from established stablecoins like Tether (USDT) and USD COIN (USD).