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Gemini Dollar (GUSD) is a stablecoin that is built atop the Ethereum Network and based on the ERC20 standard for tokens. The token maintains its stability as it is pegged on a ratio of 1:1 to the United States Dollars (USD). The stablecoin is issued by Gemini Trust Company, a New York-based firm that is behind the Gemini cryptocurrency exchange. GUSD tokens are backed by US dollars held at State Street Bank and Trust Company and are eligible to be insured by the Federal Deposit Insurance Commission (FDIC). BPM, LLP, a registered public accounting firm, verifies on a monthly basis the claims that GUSD is pegged 1:1 to the US dollars. The independent reports can be reviewed here. Additionally, the stablecoin’s security infrastructure and smart contracts are also edited by Bits of Trail Inc, a security research firm. The firm’s reports are publicly available here. The Gemini Dollar helps the Gemini Trust Company advance its aims of creating a stable and secure internet money.
GUSD can be held, stored, and traded using Ethereum wallets and smart contracts as well as used for many more use cases in lending, investing, and spending at merchants such as Bed Bath & Beyond, AMC Theatres, and Nordstrom amongst others. More use cases for the Gemini Dollar can be found here.