![]() ![]() GUSD is audited on a monthly basis by BPM, a private and independent accounting firm that ensures there is parity between the amount of USD in reserve and the amount of GUSD in circulation. Overall, Gemini Trust makes use of a centralized system that helps protect against security threats, giving the Gemini dollar key regulatory advantages over many of its competitors. dollar cash deposits becomes subject to resolution or similar proceedings by the FDIC. dollar cash portion of these GUSD reserves, which may be held at State Street Bank and Trust Company, Goldman Sachs, or Fidelity may be eligible for FDIC “pass through” insurance for Gemini customers in the event that the bank holding such U.S. Federal Deposit Insurance Corporation ("FDIC")-insured banks (2) money market funds, invested only in U.S. dollar that is held by Gemini as one of the following types of assets: (1) deposits in accounts at U.S. Notably, Gemini was the first exchange to apply for and be designated as a New York Trust Company. Gemini has proactively developed its relationship with legal and regulatory bodies in order to foster trust between the traditional financial system and blockchain community. It is subject to New York banking laws and the regulatory authority of the New York State Department of Financial Services (NYDFS). ![]() Gemini secured a New York state charter in 2015, and was one of the first cryptocurrency exchanges to become fully regulated in the United States. Superior Regulatory Requirements: How GUSD Is Regulated Released on September 10, 2018, GUSD is an ERC-20 token that can be stored in any digital wallet that accepts Ethereum tokens. The Gemini dollar was designed to provide a transparent and regulatory compliant connection between traditional financial systems, which are based on fiat currencies, and the ever-growing blockchain industry. These stablecoins maintain value by holding one USD in reserve for each stablecoin issued. The most commonly used stablecoins are those pegged one-to-one with the U.S. Some rely on advanced computation, while others peg (or bind) their value to an underlying asset such as gold or fiat currency (e.g., the Euro or the U.S. Stablecoins achieve price stability in a variety of ways. ![]() In contrast to bitcoin (BTC) and other traditional cryptocurrencies, which tend to display extreme price fluctuations, a stablecoin is a cryptocurrency built to maintain a steady value. GUSD as a Transparent Alternative to Earlier Fiat-Backed Stablecoins ![]()
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