Stable coins are increasingly becoming more popular and the Winklevoss twins seem to agree especially since they recently launched their own stable coin, the Winklevoss dollar.
The Winklevoss twins founded the Gemini cryptocurrency exchange which is based in the U.S and now they have a new stable coin known as the Gemini dollar. The new stable coin is supported by the Ethereum network and it was developed to offer liquidity to those trading on the Ethereum network. In other words, traders will easily be able to switch from fiat to crypto and vice versa.
Prepare your popcorn basket and enjoy the stable coins battle. Who will win in the end? #stablecoin #stablecoins #geminidollar #tether #winklevoss #bitfinex #cryptocurrency #bitcoin https://t.co/dGzawEUQHD
? Stable Coin (@stable_coin) October 18, 2018
Gemini Dollar is pegged on the U.S dollar
The Gemini team revealed that the new stable coin will be pegged on the U.S dollar and that the Gemini trust company will hold the crypto deposits at a 1 to 1 ratio. The regulatory capacity of the Gemini Dollar is arguably one of the best characteristics of the new cryptocurrency. Its operations will be supervised by the New York Department of Financial Services (NYDFS). The latter will also act as the Gemini dollar?s regulatory watchdog over any projects.
?The aim of the Gemini Dollar is to deliver a solution that provides the security of an offline approval mechanism yet the flexibility of an online approval mechanism,? stated the Gemini dollar whitepaper.
Gemini might be able to achieve that goal especially given that it is supported by powerful firms especially in Wall Street and the Ethereum network. Gemini users can convert U.S dollars into Gemini dollars with ease through their accounts and withdrawals will also be just as easy. Additionally, withdrawals can be made to the user?s preferred Ethereum wallet.
Gemini dollar?s performance
The Gemini Dollar enjoyed a positive performance since its launch with its value going up and even going as high as $1.19 U.S in the past one week. This is perhaps because it is affiliated with the Winklevoss twins who are well known in the cryptocurrency market. The fact that they are behind the Gemini Dollar is enough to dispel any concerns about the possibility of the stable coin being a scam.