As of today, the New York trust company and digital asset exchange Gemini has set into action what no other issuer has accomplished. The first stable and regulated digital representation of the U.S. dollar can now be converted and withdrawn instantly as a\u00a0stablecoin.<\/p>\n
It took four years for founders Cameron<\/a> and Tyler Winklevoss<\/a> to unveil the Gemini dollar (GUSD), which was built on the Ethereum network, issued under smart contract ERC20 standards and pegged 1:1 to the U.S. dollar. In addition, credit and price stability will be mutually exclusive, capable of minting, burning, sweeping and technology upgrades.<\/p>\n Gemini\u2019s white paper<\/a> details ERC20 capabilities of GUSD by foreshadowing its security hierarchy. The code was fortified during an eight-week assessment by high-end security developers Trail of Bits, and no gaps in performance and transaction safety that could invite hacking assaults were left unevaluated.<\/p>\n As an added level of armor, the New York State Department of Financial Services (NYDFS) will oversee Gemini accounts.<\/p>\n Tyler Winklevoss tweeted that while several fiat-based cryptocurrencies have been initiated, they all lack the quality that makes Gemini significant: supervision, transparency and examination.<\/p>\n Building a viable stablecoin is as much of a trust problem as it is a computer science one. The Gemini dollar is the first stablecoin in the world that has solved for both. That's the innovation here. From our white paper: pic.twitter.com\/g4IEXl6Ldm<\/a><\/p>\n — Tyler Winklevoss (@tylerwinklevoss) September 10, 2018<\/a><\/p><\/blockquote>\n\n