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.
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.
Where did Gemini Dollar 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.
What are the advantages of GUSD?
- GUSD does not depend on fluctuations of the cryptocurrency market, in particular, on the price of Bitcoins.
- Gemini Dollar compares favorably with competitors by the presence of an independent auditor. Therefore, everyone has the right to check the availability of tokens with fiat money.
- The system is based on the Ethereum blockchain, which allows you to flexibly configure the platform for any needs.
- The code of tokens and smart contracts is in the public domain. It can always be checked for errors and omissions.
What are the disadvantages of GUSD?
- Having a large number of competitors. It is necessary to remember about Tether. Also, new stablecoins that appeared simultaneously with the Gemini Dollar are serious rivals.
- Low demand among traders and many investors. The price of the asset is pegged to the US dollar. Consequently, its price will not change as actively as, for example, the price of Bitcoin or Ethereum. Therefore, the stablecoin is less in demand.
How to buy Gemini Dollar?
In general, the stablecoin Gemini Dollar looks quite promising. Therefore, you can buy GUSD on the SimpleSwap service according to the instructions below:
- Choose the currency you want to exchange (e.g. BTC) in the first drop-down list. Enter the amount you would like to swap.
- Select GUSD in the second drop-down list. You will see the estimated amount that you will receive after the exchange.
- Enter the Recipient's Address. Gemini Dollar will be sent to this address. Be careful and make sure you use the correct address.
- Check all the information you have entered. If everything is correct click the Exchange button.
- You will see the Bitcoin deposit address. You need to transfer the necessary amount of BTC to this address to start the exchange.
As you can see, it is easy to buy Gemini Dollar on the SimpleSwap service. The future of this crypto promises to be great but already today you can be sure of its reliability.