Gemini Exchange has just launched their Gemini dollar GUSD, a stable value coin that will be issued by the exchange. The Gemini dollar will be strictly pegged 1:1 to the US dollar, similar to other stable value coins, like Tether, and is an ERC20 token based on the Ethereum network.
Gemini users will be able to convert US dollars in their accounts into Gemini dollars and withdraw to an Ethereum wallet address. You will also be able to automatically convert Gemini dollars into U.S. dollars by depositing them into your Gemini account.
The U.S dollars that correspond to the Gemini dollars issued and in circulation will be held at a bank located in the United States and eligible for FDIC “pass-through” deposit insurance, subject to applicable limitations. In addition, the U.S dollar deposit balance will be examined monthly by an independent registered public accounting firm to verify the 1:1 peg.
Read the Gemini Dollar’s Whitepaper