— Gemini (@GeminiDotCom) September 10, 2018
According to the announcement, the Gemini dollar is the first fully-regulated stablecoin since it will fall under the oversight of U.S. regulators, including the New York State Department of Financial Services (NYDFS).
The company notes that each Gemini dollar corresponds to a U.S. dollar that is held at a bank located in the United States and eligible for FDIC “pass-through” deposit insurance. In an effort to avoid the transparency woes that have plagued other stablecoins like Tether (USDT), Gemini also noted that it will conduct monthly audits of its U.S. dollar holdings and publish the results for the public.
Gemini dollar trading opened this morning, enabling investors to convert U.S. dollars directly within their Gemini accounts. Given that the Gemini dollar was built as an ERC20 token, investors may withdraw their holdings to any Ethereum address.
The first transparency report reveals that Gemini has issued $100,000 in Gemini dollars, which are currently in circulation.
Related: Sources: Citigroup Developing Cryptocurrency Depository Receipts for Institutional Investors
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.