Just a day after its release, Gemini Dollar (GUSD) got listed on one of the top ten cryptocurrency exchanges, Bibox.
Gemini Dollar is world’s first regulated stablecoin which combines the creditworthiness and price stability of the U.S. dollar with blockchain technology and oversight of U.S. regulators. Gemini Dollar issued by the U.S. billionaire investors and founder of digital asset platform Gemini, Cameron, and Tyler Winklevoss. Gemini dollar is pegged to the U.S. dollar in 1:1 ratio. According to the founder of Crypto.IQ and Bitcoin Foundation, Charlie Shrem Gemini Dollar represents the “Golden Gate Bridge” between crypto space and the traditional financial sector.
According to the founder of Gemini Dollar, Cameron Winklevoss GUSD will have more regulatory compliances to ensure the supply corresponds closely to a 1:1 ratio with U.S. dollar. The actual dollar circulation will be managed by a bank in the United States. The correspondence US dollar will also eligible for the FDIC pass-through deposit insurance. An independently registered accounting firm will examine the U.S. dollar deposit balance on the monthly basis which will also verify the 1:1 peg. For easy distribution, Gemini released its alternative stablecoin as an ERC20 token.
Bibox, the young Chinese exchange is offering around 200 trading pairs. Its own token BIX has recorded $67 million trading volume in last 24 hours. Though the exchange still has not clarified that with which markets it is going to pair Gemini Dollar but it is expected that all current Tether (TUSD) markets will also have GUSD pairs.
Though the Gemini Dollar (GUSD) is currently available on Bibox for trading because of the constant verification of supply soon the GUSD will be available on many other crypto exchanges. Because of the lack of transparency with dollar supply, Tether has a checkered reputation which leads people to speculate about the actual worth of the Tether. Lack of regular and transparent accounting for its supply may also make Gemini Dollar a strong contender for the people who want to hedge against the volatility of cryptocurrencies.