Winklevoss Twins' Gemini Debuts US Dollar-Backed Token

As of today, the New York trust company and digital asset exchange Gemini has set into action what no other issuer has accomplished.

It took four years for founders Cameron and Tyler Winklevoss to unveil the Gemini dollar, which was built on the Ethereum network, issued under smart contract ERC20 standards and pegged 1:1 to the U.S. dollar.

Gemini's white paper details ERC20 capabilities of GUSD by foreshadowing its security hierarchy.

As an added level of armor, the New York State Department of Financial Services will oversee Gemini accounts.

Tyler Winklevoss tweeted that while several fiat-based cryptocurrencies have been initiated, they all lack the quality that makes Gemini significant: supervision, transparency and examination.

The Gemini dollar is the first stablecoin in the world that has solved for both.

According to a cash examination report, at least $100,000 has been reconciled to an equal amount of Gemini dollars as of Sept. 9.

Per amount of dollars in circulation, Gemini technology is restricted to and designed specifically for the U.S. dollar.

Pursuant to banking requirement standards, cybersecurity and capital reserve requirements, Gemini is responsible for safeguarding client and contract information.

Gemini was named one of LinkedIn's Top 50 Startups, whose mission to build the future of money will be monitored on a monthly basis, according to a Medium blog post.