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Gemini exchange releases their own Stablecoin
Hello miners. Here is an email that I received from Gemini about their new USD tracking crypto asset as well as an article they wrote about counterparty risk:
A new kind of digital asset — a stable value coin — often referred to as a “stablecoin,” has been proliferating in the cryptocurrency markets. Briefly, a stablecoin is a cryptocurrency pegged to a stable asset, such as fiat currency like U.S. dollars. Stablecoin prices correspond to the value of the pegged asset, which makes them distinct from other cryptocurrencies, like bitcoin, where the price is driven by market dynamics (i.e., supply and demand).
The volatility of bitcoin, ether, and other cryptocurrencies, makes it difficult to use them as an everyday medium of exchange, whether you are a crypto-trader looking to arbitrage markets or a consumer looking to purchase a pizza. Despite the benefits, however, stablecoins have unique risks that are important for the market and their users to understand; namely counterparty risks.
Our Head of Business Development, Sarah Olsen, expanded on the counterparty risk of stablecoins in our blog post here.
We designed the Gemini dollar (GUSD) as a stablecoin that combines the creditworthiness and price stability of the U.S. dollar with the technological advantages of a cryptocurrency and the oversight of U.S. regulators, namely, the New York State Department of Financial Services (NYDFS).
For questions or other inquiries about the Gemini dollar, please contact Gemini.
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