US billionaire investors Cameron and Tyler Winklevoss have issued a stablecoin linked to the US dollar that is regulated by the New York authorities, Cameron Winklevoss said in the official Gemini exchange blog on Monday. Dubbed Gemini Dollar (GUSD), the new cryptocurrency is built on Ethereum’s ERC20 standard and aims to make a bridge between the crypto world and traditional financial sectors.
Gemini Trust Company, the owner of the Winklevoss’ cryptocurrency exchange, is the issuer of GUSD. The coin was released at 14:00 UTC on Monday. Gemini Dollar has all the necessary approvals from the New York Department of Financial Services (NYDFS), Winklevoss claimed. Gemini exchange will allow its customers to convert their US dollar into GUSD and to withdraw them from a specified Ethereum address.
The dollars that backs the new coin will be held in a US bank, that has the Federal Deposit Insurance Corporation (FDIC) pass.
“The U.S dollars that correspond...
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