A Tether rival & U.S. dollar pegged cryptocurrency gets launched at Gemini
The crypto exchange of Winklevoss twins, Gemini has declared emergence of a Tether [USDT] rival that is a U.S.dollar pegged cryptocurrency. The announcement has been come from the founders of the cryptocurrency exchange, Tyler and Cameron Winklevoss. The newly created would be an Ethereum token pegged with USD and a competitor of Tether [USDT] which is the mostly preferred stablecoin of the bitcoin traders.
On Monday the declaration has been made focusing on the Gemini dollar [GUSD] that envisions to possess what Tether [USDT] lacks. The announcement suggests that the U.S. dollar's “trusted and regulated digital representation” is capable to get traded on the crypto exchanges and transmitted all across the blockchain technology present all over the world.
The statement of Cameron Winklevoss
In an announcement of Gemini by Cameron Winklevoss, “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.” Winklevoss has further stated, “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).”
As per the whitepaper of Gemini dollar, the structure of GUSD resembles ERC-20 token on the blockchain platform of Ethereum. GUSD can be acquired by the users of Gemini exchange by the USD deposits on exchange accounts and then carrying out conversion to tokens. These tokens can be withdrawn to the Ethereum address. Likewise, GUSD can be exchanged by the users from the accounts of the Gemini for physical dollars.
The stability of Gemini aligns with few more secured companies that is involved in the release of crypto tokens that are pegged to fiat currencies or dollar. Tether [USDT] happens to be the most extensively accepted stablecoin which the critics allege as not being completed supported by USD.
According to Tyler Winklevoss, none of the dollar pegged cryptocurrency has adequate regulation and transparency to become a full fledged stablecoin. He has stated, “To date, there has been no trusted and regulated digital representation of the U.S. dollar on the blockchain. We are excited to bring the Gemini dollar to market, a stablecoin that combines the creditworthiness and price stability of the U.S. dollar with blockchain technology and the oversight of the NYDFS.”
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