Backed by the New York Department of Financial Services (NYDFS), Winklevoss Brothers launch Gemini dollar.

A podcast report by Coin Survey, 11 September 2018. 

Gemini dollar will be the principal case of a trusted and regulated digital portrayal of the U.S. dollar that moves in an open, borderless, quick, decentralized manner like cryptocurrencies.

Tyler Winklevoss calls the “network of trust” that surrounds the coin, truly distinguishes the token from other so-called stablecoins, according to Forbes reports on September 10.

“It’s not just Gemini Trust,” said Gemini CEO and co-founder Tyler Winklevoss. “But you have to build a network of important players that are also trusted to solve for the trust problem of a stablecoin.”

What it looks to improve is the current shortcomings in the way fiat currency is traded, Winklevoss said, the Gemini Dollar links “the 24-7/365 nature of cryptocurrency and blockchain with the fiat world.”

A stablecoin is usually created when the fiat currency is tied to is deposited into an account.

Gemini dollar thus becomes one of the world’s only regulated stablecoins, following the release of a stablecoin by Lichtenstein bank Union Bank last month.

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