The New York Department of Financial Services (NYDFS) has accepted Gemini Trust Company’s request to issue its first digital currency.
As per the medium post by Gemini:
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
The Cryptocurrency Called the Gemini Dollar, launched today based on the ethereum blockchain. Each token issued will be backed by a U.S. dollar, to give it the steadiness of the fiat cash and the speed and borderless nature of a digital currency.
Dissimilar to bitcoin, ethereum, zcash, and alternate digital currency at present bolstered by the exchange established by Tyler and Cameron Winklevoss, the Gemini Dollar is intended to be a medium of exchange with the esteem that of the U.S. dollar and instead of a fund of significant worth like gold.
Yet, what really separates the token from other purported stablecoins, which have ascended in popularity as trailblazers try to limit the wild price fluctuations of different cryptocurrency, is the thing that Tyler Winklevoss calls the “network of trust” that encompasses the coin.