![]() GUSD is also one of a handful of assets integrated with Aave, an open source DeFi liquidity protocol.ĭespite persistent market headwinds over the course of 2022, we’re excited about what is to come for GUSD in the year ahead, and how it can serve as an on-chain source of value as we continue on our journey to unlock the next era of financial, creative, and personal freedom.Gemini Earn (GUSD) To Earn Interest For Your Cryptocurrency 7.4% APY Gemini Earn (GUSD) To Earn Interest For Your Cryptocurrency 7.4% APY We believe deeply in the promise of decentralized finance (DeFi) and that the GUSD PSM will continue to both bolster DAI’s dollar peg and strengthen the Maker ecosystem. In late October, we were thrilled that the MakerDAO community voted to approve our GUSD peg stability module (PSM) proposal, locking hundreds of millions of dollars in GUSD on-chain. treasury bills, and 19% in money market funds. Treasury Obligations, orĪs of January 3, the breakdown of dollars held in these three types of assets is as follows: 47% in FDIC-insured bank accounts, 34% in U.S. Money market funds, invested only in U.S.Federal Deposit Insurance Corporation ("FDIC")-insured banks, dollar that is held by Gemini as one of the following types of assets: To ensure this, each GUSD corresponds to a U.S. dollar-backed stablecoin, GUSD is backed by hard cash and cash equivalents held in segregated accounts. Gemini was also the world’s first crypto exchange and custodian to obtain SOC 1 Type 2 and SOC 2 Type 2 certifications, which were conducted by Deloitte.Īs a U.S. In line with being highly regulated, Gemini must also undergo annual financial and security audits and is subject to bank examinations conducted by NYDFS.įurther, the Ethereum smart contract underlying GUSD itself has been audited by Trail of Bits, a leading information security research and development firm. We also invite you to visit the Gemini Trust Center, where you can learn about the funds held on Gemini, our regulatory licenses, corporate structure, and more. The attestations are posted at the bottom of our GUSD page here. dollar.Īttestations that validate GUSD reserve balances are published monthly by an independent accounting firm, BPM CPA (NY) LLP. dollars backing GUSD are segregated, and that 1 GUSD is always redeemable for 1 U.S. dollar-backed stablecoins to ensure redeemability, segregation of reserves from proprietary assets, and that the reserves are subject to certain attestations.Īs a requirement, each account holding funds backing GUSD is separate from our business, operating, and reserve accounts and is established specifically for the benefit of Gemini customers. dollar-backed stablecoins, NYDFS imposes a number of requirements on U.S. Gemini Trust Company, LLC is a fiduciary and qualified custodian under the New York Banking Law and is chartered by the New York State Department of Financial Services (NYDFS) as a limited purpose trust company.Īs such, GUSD has also been regulated by NYDFS since its first token was minted in 2018, making it one of the world’s first regulated stablecoins. Since its inception eight years ago, Gemini has worked with regulatory stakeholders and lawmakers to help shape thoughtful regulation that fosters both consumer protection and innovation. You can also read the GUSD whitepaper here. Below, we dig further into how Gemini and GUSD are regulated, GUSD’s security features, and how we ensure its 1:1 peg. GUSD falls into the fiat-backed stablecoin category. ![]() ![]() ![]() There are four main ways stablecoin issuers do this, with collateral structures that can be fiat-backed, crypto-backed, commodity-backed, or algorithmic. However, whether their purpose is to retain a peg to the price of a fiat currency, a commodity, or some other asset, stablecoins are typically meant to maintain a predictable value. dollar with the speed and efficiency of the blockchain. ![]() GUSD is an Ethereum-based ERC-20 stablecoin that combines the creditworthiness and stability of the U.S. In this blog, we explore GUSD and touch on its core features, including how it’s regulated, how it’s backed, and how it’s being used. In the coming year, we look forward to continuing to integrate GUSD into more Gemini products and the wider crypto ecosystem. Over the past year, GUSD has experienced a threefold increase in adoption, with a market capitalization sitting around $600 million as of January 3. dollar-backed stablecoin, Gemini dollar (GUSD) plays an important role in the Gemini ecosystem and provides reliable on-chain value. ![]()
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