Exchange Gemini Dollar

GUSD is an ERC-20 crypto developed by the Gemini Trust Company — a New York-based trust overseen by the Department of Financial Services. GUSD is a USD-pegged stablecoin: a single Gemini Dollar is equivalent to the USD at a 1:1 ratio and offers little to no fluctuation in price. Gemini holds the funds that back their crypto in a State Street bank and have had their product insured by FDIC. With the project compliant to the stringent demands of the NYDFS, the trust has to be audited by an unaffiliated third party. The initial audit was concluded by Trail of Bits, a company that does security research and penetration testing, with the report publicly listed on the Gemini's official site. The report shows that neither the coin or the system itself has any weaknesses that could potentially expose users’ assets to attacks. Gemini currently works with BPM — an accounting and consulting firm — for more regular audits. Users looking to buy GUSD need to open up an account on the Gemini website. During registration, users can enable two-factor identification, which adds security to the account. After that, users will be asked to specify a bank account that they will transfer USD to and from. The platform requires all users to verify their identity by uploading a photo of any government-issued form of identification. GUSD is issued when purchased off of the Gemini platform. A minimum of $100 can be swapped for GUSD at a 1:1 exchange rate at any time. The user withdraws GUSD from their Gemini account to any ERC-20 wallet they specify. At the time of withdrawal, an equal amount of USD is subtracted from the bank account that the user had specified during registration. The issued GUSD is redeemed when they are put back into the account by the user. After this, the system deposits an equivalent amount of USD back into the user's bank account.