NEW YORK--(BUSINESS WIRE)--Gemini Trust Company, LLC (Gemini), a digital asset exchange and custodian, today announced the Gemini dollar — a stable value coin (often called a “stablecoin”) that will allow users to send and receive U.S. dollars on the Ethereum network. The Gemini dollar is an ERC20 token issued by Gemini, a New York trust company, and strictly pegged 1:1 to the U.S. dollar.
The Gemini dollar — the world’s first regulated stablecoin — 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 Department of Financial Services (NYDFS). The NYDFS has approved Gemini to issue the Gemini dollar.
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. All Independent Accountants’ Reports will be made publicly available.
Starting on September 10, 2018 at 10am ET, Gemini customers will be able to convert U.S. dollars into Gemini dollars and withdrawal them to an Ethereum address. Gemini customers will also be able to automatically convert Gemini dollars into U.S. dollars by depositing them into their Gemini account.
“The Gemini dollar is part of our mission to build the future of money,” said Tyler Winklevoss. “It is the missing link between the traditional banking system and the crypto economy.”
Read more about the Gemini dollar [here].
Read the Gemini dollar white paper [here].
Gemini Trust Company, LLC (Gemini) is a digital asset exchange and custodian that allows customers to buy, sell, and store digital assets such as bitcoin, ether, and Zcash. Gemini operates under the direct supervision and regulatory authority of the New York State Department of Financial Services and is subject to the New York Banking Law and other applicable U.S. laws and regulations. Gemini maintains the necessary licenses and registrations to lawfully issue Gemini dollars. Gemini was founded in 2014 by brothers Cameron and Tyler Winklevoss to build a bridge to the future of money. For more information, visit Gemini.com.