The Winklevoss brothers launch the world’s first adjustable stablon
New York crypto currency exchange Gemini Trust announced on 10 September about starting their own stablon.
“The dollar Gemini” (Gemini dollar, GUSD), which is pegged to the US dollar at a ratio of 1:1 will be the world’s first adjustable steilcoom and will allow users to send and receive us currency through a network of Ethereum using tokens standard ERC20.
In his blog, the team Gemini wrote that her “dollar” will combine “the creditworthiness and price stability of the US dollar with the technology of the blockchain and control of U.S. regulators, namely, Department of financial services of new York (NYDFS)”.
In late August, in an interview with MarketWatch CEO of Gemini Trust Tyler Winklevoss said that the plans stablein matured for a long time and that his run was a long process, requiring due diligence and business negotiations.
Stabilini gaining popularity among the supporters of decentralized technology as mitigate some drawbacks of the cryptocurrency, including volatility. Tyler Winklevoss called this kind of assets, “the missing link between the traditional banking system and cryptonomicon”.
In its press release, superintendent of the Department of financial services of new York Maria T. Vullo said:
With the development of the market for financial technologies new York seeks to develop innovation, guaranteeing responsible growth. Approval of such innovations shows that the company really can bring positive changes in our lives and to adhere to strict standards of compliance with national regulatory framework, which is designed to protect consumers and business.
It is worth noting that the company the Winklevoss twins have fully complied with NYDFS related to the prevention of money laundering and fraud, and consumer protection.
Storage of U.S. dollars assumes a State Street Bank and the balance will be checked monthly consulting company BPM.
We also recall that a month ago, the SEC rejected the proposal of the brothers Winklevoss to launch a bitcoin ETF.