Gemini Dollar (GUSD)

The Gemini Dollar (GUSD) is a stablecoin created by Gemini Trust Company (Gemini), a digital centralized cryptocurrency exchange (CEX) based out of New York, that allows you to buy, sell and store digital assets.

The Gemini dollar is 1:1 USD-backed.

For every 1 GUSD that you buy, there is the equivalent USD $1 held in reserves by Gemini.

The dollar acts as a bridge between the crypto markets and traditional finance.

GUSD is an Ethereum ERC-20 token, which can be used in smart contract development.

As such, the Gemini dollar (GSUD) can be transacted with on decentralized exchanges (DEX), allowing you to lend and earn using various DeFi apps and services.

GUSD can also be used to provide liquidity to various DeFi automated market makers (AMM) and liquidity pools (LP).

The Gemini Dollar is completely regulated by the New York Department of Financial Services (NYDFS).

GUSD reserves are audited monthly by an independent auditing firm named Trail of Bits Inc.

Related Terms

Gemini

Gemini exchange is a centralized cryptocurrency exchange (CEX) started in 2014 by the Winklevoss Twins, Cameron and Tyler. As of August 2022, Gemini is the 4th largest U.S.-based crypto exchange by volume, with USD $76 million in daily trading volume. Gemini allows you to buy and sell bitcoin (BTC), along with 100+ other digital assets, in all 50 states.

Money Legos

Also called Money Legos, refers to the idea of composability, the combining of simple protocols that are already doing something very well on their own, into a brand new protocol or service. Lego blocks, or individual protocols operating on the same blockchain network, can “snap” onto another Lego block, or protocol, creating new and incredible DeFi projects. The protocols can interoperate, or work together using middleware, that binds the various protocols together.

Digital Currency

Digital Currency, also called digital cash, digital money, or virtual currency is any form of currency or money-like asset that’s only available in purely digital or electronic form.

Decentralized Finance (DeFi)

A new way of providing financial services to the masses, minus the middleman in many cases. Think of traditional financial services like money exchange and transfers, savings and lending, but now they’re online and digital, global and easily transferrable. They’re also programmable, allowing them to be interconnected to other services via different protocols, all existing on the blockchain

Digital Currency Group (DCG)

A U.S.-based conglomerate of 7 cryptocurrency-focused companies, including Genesis, Grayscale, Coindesk, Foundry, TradeBlock, and HQ. DCG’s mission is to incubate, acquire and operate businesses that provide financial and professional services to financial institutions, corporations, and startups.