Gemini Dollar (GUSD): What is it and how to use it?
09-17-2020, 14:36 96
Copyright on text and image: BlockFi.com
What is GUSD?
Gemini Dollar (GUSD) is a stablecoin created by Gemini. It is pegged at a 1:1 ratio to the U.S. dollar and has been dubbed the “world’s first regulated stablecoin.” This is because it is authorized by the New York Department of Financial Services (NYDFS).
For every GUSD issued and in circulation, there is a corresponding U.S. dollar held in the State Street Bank and Trust Company. There is a monthly USD deposit balance examination by BPM, LLP to verify the 1:1 peg.
The Gemini Dollar is an ERC-20 token built on the Ethereum Network. The smart contracts were audited by Trail of Bits, Inc, a security research and development firm.
How is GUSD used:
How to convert USD into GUSD and earn interest:
The easiest way to obtain GUSD is directly through Gemini. Here’s how:
If you have any questions, our support team is always happy to help. Call us at +1 (646) 779-9688 or email us at firstname.lastname@example.org.
– The BlockFi Team