GUSD
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GUSD

Gemini Dollar 5-10 years
Website https://gemini.com/dollar/
Browser
OTH RELPs
White Paper
Avg Price
-0.21%
1D

$ 1.0002 USD

$ 1.0002 USD

Market Cap

$ 146.49 million USD

$ 146.49m USD

24h trading volume

$ 1.756 million USD

$ 1.756m USD

7d Vol

$ 7.372 million USD

$ 7.372m USD

Circulating supply

147.132 million GUSD

Related information

Issue Time

2018-09-10

Platform pertained to

--

Current price

$1.0002USD

Market Cap

$146.49mUSD

Volume of Transaction

24h

$1.756mUSD

Circulating supply

147.132mGUSD

Volume of Transaction

7d

$7.372mUSD

Change

24h

-0.21%

Number of Markets

119

Token conversion

/

Current Rate0

Available

0.00USD

Calculate

Historical Price

Introduction

Markets

3H

-0.03%

1D

-0.21%

1W

-0.03%

1M

+0.17%

1Y

+0.47%

All

+0.42%

Aspect Information
Short Name GUSD
Full Name Gemini Dollar
Founded Year 2018
Main Founders Cameron Winklevoss, Tyler Winklevoss
Support Exchanges Gemini, Binance, OKEx, Huobi, HitBTC, etc.
Storage Wallet Any ERC20-Compatible Wallet

Overview of GUSD

The Gemini Dollar (GUSD) is a stablecoin cryptocurrency issued by the Gemini exchange. Co-founded by Cameron and Tyler Winklevoss in 2018, the Gemini Dollar is a USD-pegged cryptocurrency designed to allow users to send and receive USD across the blockchain. As an ERC-20 token, GUSD can be stored in any Ethereum-compatible wallet and is supported by major cryptocurrency exchanges, including its native Gemini platform, as well as Binance, OKEx, Huobi, HitBTC, and others. The goal of GUSD is to combine the creditworthiness and price stability of the US dollar with blockchain technology and the oversight of US regulators to provide an efficient medium of exchange for the digital economy.

Overview of GUSD

Pros and Cons

Pros Cons
Backed by US Dollar Limited usage outside of cryptocurrency exchanges
Regulated and supervised by US government Reliance on a centralized issuer (Gemini)
Enhanced transparency with regular audits Potential regulatory oversight impact
Easily exchangeable for USD Subjected to fluctuations in the cryptocurrency market
Compatible with Ethereum wallets Not immune to technological flaws or hacking

Pros:

1. Backed by US Dollar: The value of GUSD is pegged to the US dollar, which provides a measure of stability compared to other more volatile cryptocurrencies. This means that one GUSD token will always be worth one US Dollar.

2. Regulated and supervised by US government: As a product of the Gemini exchange, GUSD is overseen by US regulatory bodies, securing additional investor protection and enhancing its overall legitimacy in the crypto world.

3. Enhanced transparency with regular audits: To maintain transparency and increase investor confidence, the reserves for GUSD are subjected to regular audits. This ensures that there are always enough cash reserves to back up the GUSD tokens in circulation.

4. Easily exchangeable for USD: GUSD can be readily converted back to USD on the Gemini exchange platform which provides liquidity for GUSD holders.

5. Compatible with Ethereum wallets: Since GUSD is an ERC-20 token, it is compatible with any Ethereum wallet. This means it can be easily stored and transferred using Ethereum's robust and widely adopted infrastructure.

Cons:

1. Limited usage outside of cryptocurrency exchanges: Although GUSD has the advantage of being stable and regulated, its usage is largely limited to trading and investment platforms, reducing its utility for application in more traditional financial transactions.

2. Reliance on a centralized issuer (Gemini): The availability and reliability of GUSD is tied to the operations of a single entity, Gemini. This centralization contrasts with the decentralization ethos commonly associated with cryptocurrencies.

3. Potential regulatory oversight impact: Due to the regulatory compliance requirements, any change in regulatory policy or legal issues may significantly impact GUSD's value and credibility.

4. Subject to fluctuations in the cryptocurrency market: Even though GUSD is stable, its overall trading volume and performance can still be affected by broader cryptocurrency market fluctuations.

5. Not immune to technological flaws or hacking: Like any other digital currency, GUSD is susceptible to technological flaws or hacking, which could put the funds of holders at risk.

What Makes GUSD Unique?

The Gemini Dollar (GUSD) embraces the innovative concept of a stablecoin, striving to bridge the gap between traditional financial systems and the budding world of cryptocurrencies. Unlike most cryptocurrencies, which are known for their volatility, GUSD is pegged to the US dollar, meaning it maintains a stable value and is meant to be a digital equivalent of the US dollar.

This comes especially handy in mitigating the risks of large price swings that are often associated with cryptocurrency markets. In this sense, GUSD provides a potential route towards harnessing the benefits of cryptocurrencies, whilst mitigating some of the volatility risks.

Another distinguishing aspect of GUSD is the regulatory oversight it entails. GUSD is issued by the New York Trust company, Gemini, which is regulated by the New York State Department of Financial Services. This is somewhat contrary to the common perception of cryptocurrencies as being largely unregulated and decentralized.

Furthermore, the Gemini exchange ensures that USD deposits corresponding to the amount of GUSD in circulation are held at a US bank and are eligible for FDIC “pass-through” deposit insurance, subject to applicable limitations.

However, it's worth noting that whilst these are indeed innovative aspects, the value of GUSD being intrinsically tied to, and dependent on, the US Dollar and regulatory compliance requirements, may also limit its potential for growth compared to other cryptocurrencies.

What Makes GUSD Unique

How Does GUSD Work?

The Gemini Dollar (GUSD) operates on the principle of a stablecoin, which means it is designed to maintain a stable value relative to a specific asset or a pool of assets. In this case, GUSD is pegged to the United States Dollar (USD), aiming to offer price stability in the often volatile cryptocurrency market.

When a user deposits USD into their Gemini account, they have the option to convert these funds into GUSD at a 1:1 ratio. This issuance of GUSD is recorded on the Ethereum blockchain as an ERC-20 token. This blockchain maintains an immutable record of GUSD transactions, providing a high level of transparency.

On the backend, the USD deposited into the Gemini account is held at State Street Bank and Trust Company. The USD reserves are regularly audited by an independent, registered public accounting firm to ensure every GUSD token is indeed backed by an actual USD in the Gemini account.

Users can transfer GUSD to any Ethereum wallet or other parties similar to any other cryptocurrency. You can also redeem GUSD for USD on the Gemini platform, again at a 1:1 ratio.

In terms of regulatory oversight, the New York State Department of Financial Services supervises the Gemini Dollar, providing additional assurance to users regarding the sanctity of their investment.

Circulation of GUSD

GUSD has been relatively stable in price since its launch in 2018. However, it has experienced some fluctuations, particularly during periods of high volatility in the cryptocurrency market. For example, in March 2020, the price of GUSD dipped to around $0.96 during a sell-off in the cryptocurrency market. However, it quickly recovered and has since maintained a relatively stable price.

There are a number of factors that could contribute to the price fluctuation of GUSD. One factor is the overall state of the cryptocurrency market. As a stablecoin, GUSD is less volatile than other cryptocurrencies, but it is still affected by the overall sentiment in the cryptocurrency market.

Another factor that could contribute to the price fluctuation of GUSD is the demand for stablecoins. Stablecoins are becoming increasingly popular among investors and traders, as they offer a way to hold value in the cryptocurrency market without being exposed to the volatility of other cryptocurrencies. If the demand for stablecoins continues to grow, it could put upward pressure on the price of GUSD.

Gemini Dollar does not have a mining cap. This means that there is no limit to the number of GUSD tokens that can be created. However, it is important to note that Gemini only creates new GUSD tokens when users deposit US dollars into their Gemini accounts. This helps to ensure that GUSD remains pegged to the US dollar.

Exchanges to Buy GUSD

Numerous crypto exchanges support trading or buying Gemini Dollar (GUSD), each offering a variety of GUSD pairs for trading, including both currency and token pairs. Here are ten examples, but it is always beneficial to independently confirm the current availability and pair options on each platform:

1. Gemini: As the native platform for GUSD, Gemini exchange naturally supports GUSD. It offers several trading pairs, such as GUSD/USD and GUSD/BTC.

2. Binance: This is one of the world's largest exchanges by trading volume. It offers various token pairs for GUSD, which include but are not limited to GUSD/BTC, GUSD/ETH, GUSD/BNB, and GUSD/USDT.

3. OKEx: This globally recognized exchange supports GUSD and also offers a variety of GUSD token pairs such as GUSD/BTC, GUSD/ETH, and GUSD/USDT.

4. Huobi: Huobi exchange provides several trading pairs for GUSD, including GUSD/BTC, GUSD/ETH, and GUSD/USDT.

5. HitBTC: Trading pairs at the HitBTC exchange include GUSD/BTC, GUSD/ETH, and various other altcoin variants.

6. CoinEx: At CoinEx, users can trade GUSD with several other cryptocurrencies like BTC, ETH, and BCH among others.

7. BitMart: BitMart offers a variety of GUSD trading pairs including GUSD/BTC, GUSD/ETH, and GUSD/USDT.

8. Tidex: Tidex supports trading between GUSD and several cryptocurrencies including BTC, ETH, and WAVES.

9. Coinsuper: Coinsuper enables users to trade GUSD with other cryptocurrencies like BTC, ETH, and USDT.

10. Bilaxy: At Bilaxy, users can trade GUSD with a host of other cryptocurrencies, including most notably BTC and ETH.

Remember, each of these exchanges has its own set of fees, minimum transaction amounts, and trading features. It's also important to keep in mind that availability may change over time due to the evolving nature of the crypto market.

How to Store GUSD?

The Gemini Dollar (GUSD) is an ERC-20 token. This means that it operates on the Ethereum blockchain and can be stored in a variety of Ethereum-compatible wallets. There are several types of wallets that could be potentially suited for storing GUSD:

1. Hardware Wallets: Hardware wallets such as Ledger and Trezor offer a very secure method of storage. These wallets are offline devices that securely generate and store users' private keys. Despite being among the securest wallets, they can be costly.

2. Desktop Wallets: Desktop wallets are software programs that are installed on a computer. They give users full control over their coins and keys. Examples of desktop wallets that support GUSD are Exodus and Atomic Wallet.

3. Mobile Wallets: Mobile wallets are similar to desktop wallets, but they are designed for mobile devices. They're handy for managing cryptocurrencies on the go. Examples of mobile wallets that support GUSD are Trust Wallet and Coinomi.

4. Web Wallets: Web wallets are accessible through a web browser and don't require any downloads. However, they're often considered less secure as they may be susceptible to online threats. MyEtherWallet and Metamask are two web wallets that are compatible with GUSD.

5. Exchange Wallets: Some crypto exchanges offer wallets where users can store their cryptocurrencies. This is often a convenient option for traders or for anyone who frequently uses the Gemini exchange. However, there are security concerns with these wallets as they are often targets for hackers.

It's important to note that no matter which wallet you choose, the private keys should be kept secure and private. Not doing so can result in losing access to your GUSD or having it stolen by malicious parties. Lastly, always remember to do your own research and choose a wallet that best fits your needs for security, convenience, and functionality.

How to Store GUSD

Should You Buy GUSD?

The Gemini Dollar (GUSD) could be appropriate for a number of different types of cryptocurrency users, depending on their individual needs and risk tolerance.

1. Risk-Averse Investors: Those who are averse to the volatility commonly associated with traditional cryptocurrencies might find GUSD appealing. As a stablecoin, GUSD is pegged to the US dollar, mitigating the volatility risks associated with the broader cryptocurrency market.

2. Traders: Individuals involved in day-to-day trading could utilize GUSD as a safe haven during market downturns, or as an intermediary when moving assets between different cryptocurrencies without exiting the cryptocurrency market.

3. Cross-Border Transactions: Those interested in remittances or international transfers may find value in GUSD, given the cryptocurrency's potential ability to facilitate fast, cost-effective cross-border transactions.

4. Blockchain Entrepreneurs and Businesses: Companies operating with blockchain technology or dealing with cryptocurrencies may find GUSD useful for transactions, due to its stability and compliance with US regulations.

However, investing in any form of cryptocurrency, including GUSD, is not without risks. Here are some professional advice for those who want to buy GUSD:

- Do Your Own Research (DYOR): Always conduct your own thorough research before investing in any cryptocurrency. Understand the purpose, use cases, and the team behind GUSD.

- Understand the Stablecoin Concept: Be sure to fully comprehend how stablecoins work, and what makes them different from other cryptocurrencies.

- Regulatory Compliance: Ensure you understand how regulatory oversight applies to GUSD, and what it means for you as a potential holder.

- Check Liquidity: Ensure that GUSD is traded on exchanges that you have access to, and it is reasonably liquid - that is, it can be readily bought or sold as required.

- Secure Storage: Have a secure storage solution for your GUSD. Consideration should be given to using hardware or software wallets while keeping in mind that maintaining possession of your private keys is of paramount importance. It's recommended to move your GUSD off an exchange wallet for long-term storage unless you are actively trading.

The decision to buy GUSD is subject to individual risk tolerance, requirements, and the potential investor's faith in the stability of the US dollar and the regulatory framework. As always, potential investors should consult with a financial advisor before making any decisions.

Should You Buy GUSD

Conclusion

The Gemini Dollar (GUSD) is a USD-backed stablecoin, co-founded by Cameron and Tyler Winklevoss, and issued by the Gemini exchange. As GUSD is pegged to the USD, it provides a measure of price stability within the notoriously volatile crypto market, while also enabling users to leverage the benefits of blockchain technology.

The intersection of traditional currency value and blockchain-based digital presence sets GUSD apart from many other types of cryptocurrencies. By implementing regulatory oversight from the New York State Department of Financial Services and undergoing regular audits, GUSD offers a unique blend of dependable asset stability with the transparency afforded by blockchain technology.

In terms of investment potential, GUSD, as a stablecoin, is designed to maintain parity with the US dollar and is not typically considered a vehicle for appreciation or profit in the same fashion as other, non-stable cryptocurrencies. It plays a specific role within a diversified crypto portfolio, often acting as a “safe haven” during market volatility or as an intermediary asset during trading.

The development prospects for GUSD, as with any cryptocurrency, depend on a number of evolving factors, such as regulatory changes, adoption rates, competition with other stablecoins, and developments in blockchain technology.

Investors and users considering GUSD should undertake careful research, consider their own risk tolerance and investment goals, and consult with financial advisors if needed. As always, cybersecurity and the safe management of digital assets are crucial when dealing with any kind of cryptocurrency.

FAQs

Q: How is GUSD's value maintained?

A: The value of GUSD is kept consistent by being directly pegged to the USD with a 1:1 ratio.

Q: What ensures the stability and credibility of GUSD?

A: GUSD's stability and credibility are bolstered by routine audits and the reserves held at a US bank.

Q: Can I store GUSD in any Ethereum-compatible wallet?

A: Yes, as an ERC-20 token, GUSD can be stored in any wallet that supports Ethereum-based cryptocurrencies.

Q: Does GUSD have the potential for price appreciation like other cryptocurrencies?

A: As a stablecoin, GUSD is not designed for price appreciation; rather, it aims to maintain a stable value pegged to the US dollar.

Q: Where can I purchase GUSD?

A: GUSD can be purchased on several cryptocurrency exchanges including Gemini, Binance, OKEx, Huobi, and more.

Q: Are there risks involved in purchasing GUSD?

A: While being a stablecoin mitigates some risks associated with volatility, GUSD still carries potential risks related to regulatory changes, market fluctuations, and cybersecurity issues.

Q: Does GUSD guarantee profits?

A: As GUSD is a stablecoin maintaining parity with the USD, it does not offer the same profit potential as volatile, speculative cryptocurrencies but can serve as a stable asset within a diversified portfolio.

Risk Warning

Investing in cryptocurrencies requires an understanding of potential risks, including unstable prices, security threats, and regulatory shifts. Thorough research and professional guidance are advised for any such investment activities, recognizing these mentioned risks are just part of a wider risk environment.

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