Crypto exchange Gemini announced Monday that it is launching a dollar-backed stablecoin built on ethereum. The Gemini dollar is designed to provide liquidity for users hoping to send or receive U.S. dollars through the ethereum network, a press release stated. It will be “strictly pegged” to the dollar, with the Gemini Trust Company holding USD deposits corresponding to the number of tokens in circulation. Notably, the release stated, the New York Department of Financial Services (NYDFS) has reviewed and approved the Gemini dollar. To safeguard its holdings, Gemini will hold the…
Gemini Launches NYDFS-Regulated Crypto Pegged to the Dollar
