Gemini Exchange just sent me the following email:
Gemini Launches the Gemini dollar: U.S. Dollars on the Blockchain
Fellow Moonwalkers,
Imagine being able to send and receive U.S. dollars like email. Today, we are making this a reality with the Gemini dollar — a stable value coin (often called a “stablecoin”) that allows you to send and receive U.S. dollars on the Ethereum network. The Gemini dollar (ticker symbol: GUSD) is an ERC20 token that is issued by Gemini, a New York trust company, and strictly pegged 1:1 to the U.S. dollar. It 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). You can read more about the Gemini dollar — the world’s first regulated stablecoin — on our blog.
As of today at 10am ET, you will be able to convert U.S. dollars in your Gemini account into Gemini dollars and withdraw them to an Ethereum address you specify. You will also be able to automatically convert Gemini dollars into U.S. dollars by depositing them into your Gemini account. Get yours today.
Stay tuned for some exciting updates, new features, and partner announcements.
Onward and upward,
Cameron + Tyler
The Ethereum-based token has the following going for it:
- Approved by NY Department of Financial Services
- Dollars held in FDIC-insured State Street account
- Audited by multiple third-parties at various times
So with an alternative to Tether, that is actually audited and regulated IN THE US, can this be the start of an exodus from Tether, which could reveal the potential shadiness of Tether, and the question of whether there has existed a true, 1-1 dollar peg?
Also, with FDIC insurance, does that mean account holders get the $250K worth of protection or Gemini, as a whole? So is Gemini now an FDIC-insurced bank now?