Cryptocurrencies could run on Winklevoss news.
All after the twins-led Gemini just finished launching the first fully audited and licensed stable coin on the market.
The New York Department of Financial Services (NYDFS) approved it just yesterday. Called the Gemini Dollar, the currency will launch, using the Ethereum blockchain.
Every token is backed by a US Dollar
By doing so, it’ll give the coins stability of the fiat currency. It’ll also provide the speed and borderless nature of a cryptocurrency. And it will help create a “network of trust” unlike other cryptocurrencies on the market.”
Winklevoss: Why this is Important
“The Gemini dollar (ticker symbol: GUSD) combines the creditworthiness and price stability of the U.S. dollar.”
“To date, there has been no trusted and regulated digital representation of the U.S. dollar that moves in an open, decentralized manner like cryptocurrencies. Enter the Gemini dollar—a stable value coin (often called a ‘stable coin’) 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. Further, the smart contracts underlying the Gemini dollar token have been fully audited and formally verified by an independent security firm.”
NYDFS gives further support to Cryptocurrencies
The NYDFS’s decision to approve the stable coin is another crucial step into the mainstream for the cryptocurrency industry.
“These approvals demonstrate that companies can create change and strong standards of compliance within a strong state regulatory framework that safeguards regulated entities and protects consumers,” they said, as quoted by Fortune.
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