Ethereum

**Gemini Dollar (GUSD)** is a [stablecoin](https://iq.wiki/wiki/stablecoin) built on the [Ethereum blockchain](https://iq.wiki/wiki/ethereum), issued by a New York trust company and pegged 1:1 to the U.S. dollar. Gemini Dollar, launched by [Tyler Winklevoss ](https://iq.wiki/wiki/tyler-winklevoss)and [Cameron Winklevoss](https://iq.wiki/wiki/cameron-winklevoss) received approval from the New York Department of Financial Services (NYDFS) to launch in 2018. [\[1\]](#cite-id-h2lob02oueu)[\[2\]](#cite-id-jlv53ku1es)  
$$widget0 [YOUTUBE@VID](LZKvH_xBLjQ)$$  
  
# Overview  
  
The Gemini Dollar (GUSD) coin was launched by the Gemini Trust Company ([Gemini](https://iq.wiki/wiki/gemini)) owned by the Winklevoss Twins on the 10th of September, 2018, after receiving regulatory approval from the New York State Department of Financial Services (NYDFS). [\[2\]](#cite-id-jlv53ku1es)[\[4\]](#cite-id-lhltat3fa3)  
  
The Gemini Trust Company (Gemini) is a [digital currency](https://iq.wiki/wiki/cryptocurrency) exchange and custodian that allows buying, selling, and storing of digital assets and it was founded in February 2014.[\[2\]](#cite-id-jlv53ku1es)  
  
The Gemini Dollar (GUSD) is an [ERC-20](https://iq.wiki/wiki/erc-20)-compliant token that can be transferred on the [Ethereum](https://iq.wiki/wiki/ethereum) network and its [smart contracts](https://iq.wiki/wiki/smart-contract) are audited by security company, Trail of Bits Inc. Its US dollar reserves are held at a United States bank and are eligible for Federal Deposit Insurance Corporation (FDIC) “pass-through” deposit insurance. [\[1\]](#cite-id-h2lob02oueu)  
  
> "The Gemini dollar is part of our mission to build the future of money ... It is the missing link between the traditional banking system and the crypto economy." - Tyler Winklevoss[\[7\]](#cite-id-ke2w3hzkfk8)  
  
# Technology  
  
GUSD maintains a fixed exchange rate of 1:1 with the US Dollar, the currency it is [pegged](https://iq.wiki/wiki/currency-peg) to. This means that the value of GUSD is always equal to that of the USD. To maintain this stability, Gemini has implemented a reliable mechanism to increase the token's supply. As the supply of USD grows, the circulation of GUSD also grows accordingly. Consequently, Gemini effectively prevents the quantity of GUSD from exceeding the amount of the underlying asset.[\[8\]](#cite-id-004jlm2ybyy8y)  
  
To verify that the necessary 1:1 peg is backed by dollars, the deposit balance at Gemini’s U.S. bank is examined on a monthly basis by LLP, BPM, an independently registered public accounting firm. [\[2\]](#cite-id-jlv53ku1es)  
  
Gemini mints new GUSD tokens and adds a corresponding amount of USD to the backing bank account when a customer requests a withdrawal through the Gemini exchange. Conversely, when GUSD is deposited into a Gemini wallet, it is automatically converted back into U.S. dollars. [\[1\]](#cite-id-h2lob02oueu)  
  
## Smart Contracts  
  
There are three kinds of [smart contracts](https://iq.wiki/wiki/smart-contract) used by Gemini Dollar: ‘Proxy,’ ‘Impl,’ and ‘Store.’  
  
* Proxy: is the public face of the Gemini dollar. ‘Proxy’ delegates the right to execute the logic that governs token transfers, issuance, and other core features to the smart contract known as ‘Impl'  
* Impl: delegates ownership of the ledger to the smart contract known as ‘Store’  
* Store: the external and eternal Gemini dollar ledger[\[1\]](#cite-id-h2lob02oueu)  
  
## Security Features  
  
The Gemini dollar system implements the following security features:  
  
* Offline Keys: Keys that approve high-risk actions are stored offline in Gemini's proprietary Cold Storage System.  
* Key Generation: Keys are generated, stored, and managed onboard hardware security modules (HSMs).  
* Dual Control (multi-signature): High-risk actions require approval (i.e., digital signatures) from at least two signers.  
* Time Lock: After approval, high-risk actions are locked for a minimum period before being executed. This provides a grace period to detect and preemptively respond to potential security incidents.  
* Revocation: Pending actions can be revoked, allowing for the nullification of erroneous or malicious actions before being executed.[\[1\]](#cite-id-h2lob02oueu)  
  
# Products  
  
## Gemini Credit Card  
  
The Gemini Credit Card enables users to earn rewards in various cryptos, such as [Bitcoin](https://iq.wiki/wiki/bitcoin), [Ethereum](https://iq.wiki/wiki/ethereum), and others. The card offers immediate deposits of crypto rewards. This means that the crypto earned through card usage is deposited directly into the user's Gemini account at the time of the transaction, without any delays or trading fees. [\[9\]](#cite-id-410znb8cq7c)  
  
## Gemini ActiveTrader  
  
Gemini ActiveTrader is a [crypto](https://iq.wiki/wiki/cryptocurrency) trading platform designed to provide users with a professional-level trading experience. It offers advanced charting tools, crypto derivatives trading, and a variety of order types to cater to diverse trading needs. [\[10\]](#cite-id-xqpx0u3t92n)  
  
### Gemini Derivatives  
  
Gemini Derivatives allows users to leverage their crypto assets to manage risk, generate returns, and gain directional exposure. It offers perpetual contracts, with dated futures and options and it is available via ActiveTrader only. [\[11\]](#cite-id-6vcuduqlqi4)  
  
## Gemini Custody  
  
It allows users to store and manage digital assets. It is regularly audited and subject to the capital reserve requirements and compliance standards of a traditional financial institution. The Gemini Custody® secured $75 Million in cold storage insurance coverage for certain types of crypto losses from our Custody platform. [\[12\]](#cite-id-rmbs8v6t0yf)  
  
## Gemini Clearing  
  
Gemini Clearing allows two parties to settle a trade-off on the order book. Gemini acts as a confirming third party in pre-arranged transactions, helping ensure timely Settlement while mitigating counterparty risk. [\[13\]](#cite-id-czi3lv65sz5)  
  
## Gemini Wallet  
  
Gemini provides users with the option to store their assets using deposit addresses in either their insured hot wallet or institutional-grade [cold storage](https://iq.wiki/wiki/cold-wallet) system. This ensures the safety and security of users' assets. Gemini's wallet infrastructure is designed to support all the listed assets, including [BTC](https://iq.wiki/wiki/bitcoin-btc), [ETH](https://iq.wiki/wiki/ether-eth), etc. [\[14\]](#cite-id-orr47gutjd)  
  
## Gemini Staking  
  
Gemini Staking allows users to participate in the [blockchain](https://iq.wiki/wiki/blockchain) ecosystem and receive [staking](https://iq.wiki/wiki/staking) rewards on their crypto. [\[15\]](#cite-id-fknf33724tb)  
  
## Gemini eOTC  
  
Gemini eOTC is an automated over-the-counter trading platform. It provides real-time visibility into changing asset prices as well as the status and execution details of placed orders. [\[16\]](#cite-id-9qdzhlguoek)  
  
# GUSD Depeg & OKX Delisting  
  
On January 31, 2023, Gemini Dollar (GUSD) [stablecoin](https://iq.wiki/wiki/stablecoin) lost its $1 peg to as low as $0.98 following its delisting from the [OKX](https://iq.wiki/wiki/okx) cryptocurrency exchange. [\[30\]](#cite-id-gfizqubxept)[\[31\]](#cite-id-r81cpb4btka)  
  
OKX did not offer any specific reasons why GUSD was delisted. Instead, they cited a general policy of regularly reviewing the qualifications of listed projects to maintain a robust spot trading environment.[\[30\]](#cite-id-gfizqubxept)  
  
# MakerDAO Decreases GUSD  
  
In June 2023, [DeFi](https://iq.wiki/wiki/defi) lending platform and [stablecoin](https://iq.wiki/wiki/stablecoin) issuer [MakerDAO](https://iq.wiki/wiki/makerdao) approved a $390 million reduction in its holdings of GUSD from its reserves. The protocol’s community put out a proposal to decrease the maximum amount of GUSD to $110 million from $500 million held in Maker’s [DAI](https://iq.wiki/wiki/dai) stablecoin reserve, called the Peg Stability Module (PSM). [\[27\]](#cite-id-kd5xayn396h)[\[29\]](#cite-id-kxi8swjl64a)  
  
> “Reducing GUSD exposure could allow for better capital efficiency by deploying funds into higher revenue generating opportunities,” - the proposal said. [\[27\]](#cite-id-kd5xayn396h)  
  
The decision is part of MakerDAO’s evaluation of its Peg Stability Module (PSM), which held $489 million worth of GUSD. Less than 24 hours before the vote ended, roughly 94% of voters were in favor of the proposal to cut GUSD. [\[28\]](#cite-id-5zcuzyk1pg)

The Gemini Trust Company (Gemini) was founded in February 2014

Gemini Trust Company 

Gemini dollar (GUSD) was launched on September 10, 2018)

Date Founded

In November 2019, Gemini acquired Nifty Gateway™, a platform for non-fungible tokens (NFTs, also known as "nifties")

Partnership with Nifty Gateway

In December 2019, Gemini announced that State Street has selected the platform for its digital asset pilot

Partnership with State Street

In February 2020, TradingView, an online social networking and data analysis tool for financial markets, formally announced the integration of Gemini Trust Company, LLC

Partnership with TradingView

In May 2020, Gemini Trust Company, LLC (Gemini) announced it is collaborating with Samsung Electronics

Partnership with Samsung Blockchain

In July 2020, the integration of the Gemini Trading Widget into the Brave browser was announced

Partnership with Brave Browser

Gemini and TaxBit partnered in October 2020 to help automate and optimize cryptocurrency tax reporting

Partnership with TaxBit

On January 31, 2023, Gemini Dollar (GUSD) stablecoin lost its $1 peg to as low as $0.98 following its delisting from OKX

GUSD Depeg & OKX Delisting

In June 2023, MakerDAO approved a $390 million reduction in its holdings of GUSD from its reserves

MakerDAO Decreases GUSD

Cameron Winklevoss

Tyler Winklevoss

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LZKvH_xBLjQ

The Gemini Dollar (GUSD) is a stablecoin, pegged 1:1 to the U.S. dollar, launched by the Winklevoss Twins' Gemini Trust Company in 2018.

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Timeline of Events

Gemini Dollar (GUSD)

Gemini Trust Company

Date Founded

Partnership with Nifty Gateway

Partnership with State Street

Partnership with TradingView

Partnership with Samsung Blockchain

Partnership with Brave Browser

Partnership with TaxBit

GUSD Depeg & OKX Delisting

MakerDAO Decreases GUSD

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