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What Is Gemini Dollar?

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Nov 28, 2022
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3 min read
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This blog post will cover:

  • About Gemini Dollar (GUSD)
  • Where did Gemini Dollar (GUSD) come from?
  • What are the advantages of Gemini Dollar (GUSD)?
  • What are the disadvantages of Gemini Dollar (GUSD)?
  • How to buy Gemini Dollar (GUSD) on SimpleSwap?

About Gemini Dollar (GUSD)

What is Gemini Dollar (GUSD)?Gemini Dollar (GUSD) is the first adjustable stablecoin, fully secured with US dollars, which is designed to be transferred in an open and decentralized manner, which corresponds to cryptocurrency. Gemini Dollar is a combination of credit quality and price stability of the American dollar with blockchain technology. In addition, tokens is supervised by US regulators, in particular, the New York State Department of Financial Services.

Where did Gemini Dollar (GUSD) come from?

Gemini Dollar is released by the Gemini Trust Company, LLC and the New York trust company. It was created by the Winklevoss brothers on September 9, 2018. Winklevoss twins are known far beyond the cryptocurrency industry as the most successful Bitcoin investors. This cryptocurrency appeared on the stock exchanges in early October 2018.

However, Winklevoss brothers are known not only as good investors. The brothers are also the creators of the Gemini exchange, which began operations in 2015. The main feature of the project is that this is the first completely regulated international crypto exchange. The New York State Department of Financial Services has approved the creation of this exchange.

GUSD built on the Ethereum network in accordance with the ERC20 standard for tokens.US dollars that correspond to GUSD issued and in circulation are held at State Street Bank and Trust Company.

What are the advantages of Gemini Dollar (GUSD)?

  •  Secure and stable
  • Time tested
  • All transfers are fully collateralized & backed by a stable USD price

What are the disadvantages of Gemini Dollar (GUSD)?

  • The only fiat currency that can be used is the US dollar
  • The price of Gemini Dollar is fixed to the US Dollar

How to buy Gemini Dollar (GUSD) on SimpleSwap?

If you plan to purchase a GUSD token, SimpleSwap is the right choice. It will allow you to make an exchange in a fast and convenient manner. Just follow these instructions to get GUSD:

  • For example, you want to swap BTC for GUSD. Select the currency you want to exchange (e.g. BTC) in the first drop-downlist. Then enter the amount you want to swap.
  • Select GUSD in the second drop-down list. You’ll see the estimated amount that you’ll get after the exchange.
  • Click the Exchange button.
  • Enter the Recipient's Address. GUSD will be sent. Be careful and make sure you use the correct address.
  • Create the exchange.
  • You will see the Bitcoin deposit address. You need to transfer the necessary amount of BTC to this address to start the BTC to GUSD exchange.

SimpleSwap reminds you that this article is provided for informational purposes only and does not provide investment advice. All purchases and cryptocurrency investments are your own responsibility.

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