World’s First REGULATED StableCoin is a Winklevoss ERC-20
The Winklevoss Twins’ Gemini Trust has launched the world’s first regulated stablecoin. The coin is an Ethereum-based asset pegged to the U.S. dollar.
NOTE: Regulated means approved by the New York State Department of Financial Services (NYDFS).
NOTE: Paxos launched a Ethereum-based stable coin today too. So they are both world first.
What does this mean?
- From the stablecoin perspective it means there is a serious regulated Tether alternative. This is sorely needed in the crypto space since Tether isn’t regulated and dominates the crypto market. This could indirectly help the SEC approve things like ETFs by disconnecting crypto from Tether.
- From the Ethereum perspective it means requires “Gas” (Ether paid as a fee) paid on every transaction. This means there is one more product on the market to influence the demand for Ether (Ether investors could use the confidence boost right now).
- From a Winkelvoss point of view, it means “good for them.” They have remained committed to the crypto space for the long haul, constantly trying to breach regulatory hurdles, and from that frame it is nice to see them pull this off.
Overall, this is bullish for crypto not just as a buy the news sort of thing, but as a “dude we just got a regulated Ethereum-based Tether alternative” sort of thing.
To date, there has been no trusted and regulated digital representation of the U.S. dollar that moves in an open, decentralized manner like cryptocurrencies. Enter the Gemini dollar — a stable value coin (often called a “stablecoin”) that is (i) issued by Gemini, a New York trust company, (ii) strictly pegged 1:1 to the U.S. dollar, and (iii) built on the Ethereum network according to the ERC20 standard for tokens. The Gemini dollar (ticker symbol: GUSD) combines the creditworthiness and price stability of the U.S. dollar with blockchain technology and the oversight of U.S. regulators, namely, the New York State Department of Financial Services (NYDFS). You can read more about the Gemini dollar — the world’s first regulated stablecoin — in our white paper here.
See the official post: Gemini Launches the Gemini dollar: U.S. Dollars on the Blockchain.
- Gemini Launches the Gemini dollar: U.S. Dollars on the Blockchain. Medium.com.[cite]Winklevoss twins’ Gemini Trust launches world’s first regulated stablecoin. Marketwatch.com.