Cryptocurrencies
GUSD
Centralized: GUSD is issued by a centralized entity, Gemini Trust Company, which could pose risks in case of insolvency or regulatory issues.
Tags:CryptocurrenciesETH tokenGemini Dollar (GUSD) is a stablecoin, which means it’s a type of cryptocurrency designed to maintain a stable price relative to a specific asset, in this case, the US dollar.
Key Features:
- Dollar-backed: Each GUSD token is backed by one US dollar held in reserve by Gemini Trust Company, LLC.
- Regulation: GUSD is the first stablecoin to be regulated by the New York State Department of Financial Services (NYDFS).
- Ethereum-based: GUSD is an ERC-20 token, built on the Ethereum blockchain.
- Stability: Aims to provide a stable and reliable digital representation of the US dollar.
- Use Cases: Can be used for various purposes within the cryptocurrency ecosystem, such as trading, payments, and DeFi applications.
Benefits of Using GUSD:
- Stability: Offers a stable alternative to volatile cryptocurrencies.
- Security: Backed by US dollars and regulated by NYDFS.
- Accessibility: Can be used on various cryptocurrency platforms and exchanges.
- Efficiency: Enables faster and cheaper transactions compared to traditional banking systems.
Potential Drawbacks:
- Centralized: GUSD is issued by a centralized entity, Gemini Trust Company, which could pose risks in case of insolvency or regulatory issues.
- Limited Interest: As a stablecoin, GUSD might not offer the same potential for high returns as other cryptocurrencies.
Gemini Dollar (GUSD) | |
Max. supply: | 148,548,676 GUSD |
Contracts: Ethereum | 0x056Fd409E1d7A124BD7017459dFEa2F387b6d5Cd |
X: | @Gemini |
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