Gemini Dollar

The Gemini Dollar (GUSD) is simply a stablecoin pegged to and backed by US dollars held successful FDIC-insured slope accounts. The funds held successful reserves are routinely audited by the accounting firm, BPM LLP.

The Gemini Dollar is an ERC20 token built atop the Ethereum network, and its astute contracts are audited by information institution Trail of Bits Inc.

The Gemini Dollar launched successful September 2018, with the Gemini Trust Company arsenic the sole issuer. Gemini holds the US dollar reserves that backmost its stablecoin successful Boston’s State Street Bank. The currency is insured done an FDIC deposit security program. Registered customers are capable to person USD into Gemini Dollars and deposit them to an ethereum address, portion Gemini adjusts their holdings to correspond to the fig of tokens successful circulation.

The Gemini Dollar is built connected Ethereum, meaning token instauration is the effect of executable astute contracts. The declaration liable for expanding the proviso indispensable beryllium signed by an online cardinal up to a definite limit. To mint coins beyond that limit, an offline signature is required. This is intended to summation the information of token issuance.

Smart declaration execution requires a multisignature strategy of support for “high-risk action,” which includes an offline signature for added responsibility tolerance. After approval, these peculiar actions are time-locked for a play of detection oregon effect to information incidents. Any pending actions tin beryllium revoked to debar malicious actors.

The Gemini dollar does not person a acceptable circulation docket oregon hard headdress connected supply. It is pegged to the US dollar with a reserve backing the token 1:1.

Gemini dollars are created astatine the clip of withdrawal from the Gemini level and are transferable to immoderate ethereum code the idiosyncratic specifies. The US dollar magnitude of Gemini Dollars is debited from a customer’s relationship upon withdrawal, and credited astatine the clip of deposit. There are zero fees charged to users erstwhile buying oregon selling GUSD tokens connected Gemini's autochthonal exchange. However, Ethereum state fees volition use erstwhile tokens are migrated disconnected its platform.