Gemini dollar (GUSD) is a stablecoin cryptocurrency that is pegged to the United States dollar on a 1:1 basis, meaning that one GUSD is equivalent to one USD. It was launched by Gemini Trust Company, a digital currency exchange and custodian founded by the Winklevoss twins.
The main objective of creating the Gemini dollar is to provide users with a digital asset that combines the advantages of blockchain technology and the stability of traditional fiat currencies. By being pegged to the USD, GUSD helps to minimize the volatility commonly associated with cryptocurrencies, thus making it a reliable medium of exchange and store of value.
Users of Gemini dollars can easily convert their GUSD to or from USD through the Gemini exchange platform. The Gemini dollar is built on the Ethereum blockchain, utilizing the ERC-20 token standard. This allows for secure and transparent transactions, as well as enabling integration with various decentralized applications (dApps) within the Ethereum ecosystem.
Despite limited information available, the Gemini dollar has garnered attention and adoption within the cryptocurrency community due to its transparency and regulatory compliance. It offers users a digital alternative to traditional fiat currencies, providing stability and ease of use.
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