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GUSD vs USDT - new Gemini dollar offers stablecoin linked to US Dollar

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The Gemini exchange has just launched a new stablecoin (GUSD) that promises to provide some competition for Tether (USDT). According to the official blog post:

Quote

Enter the Gemini dollar — a stable value coin (often called a “stablecoin”) that is (i) issued by Gemini, a New York trust company, (ii) strictly pegged 1:1 to the U.S. dollar, and (iii) built on the Ethereum network according to the ERC20 standard for tokens. 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...

In addition, the company promises a strong auditing program:

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The U.S dollars that correspond to the Gemini dollars issued and in circulation will be held at a bank located in the United States and eligible for FDIC “pass-through” deposit insurance, subject to applicable limitations. In addition, the U.S dollar deposit balance will be examined monthly by an independent registered public accounting firm to verify the 1:1 peg.

This will set them apart from Tether, who have had many controversies recently regarding their auditing practices.

View the whitepaper for Gemini Dollar here: https://gemini.com/dollar/whitepaper

gemini-dollar.thumb.jpeg.1f45e2bd6819db0c51e3193d96594b79.jpeg

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