Winklevoss brothers, founders of the cryptocurrency trading platform Gemini, have announced the launch of their own stablecoin, Monday, September 10.
Tyler and Cameron Winklevoss will create Gemini dollar, an Ethereum token backed by U.S. dollar, in order to give it the stability of the fiat currency.
Recently the New York Department of Financial Services (NYDFS) has approved Gemini request.
As reported by Cameron Winklevoss’ medium post, “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.”
The two brothers showed their enthusiasm:
“We are excited to bring the Gemini dollar to market and provide a crucial link between the traditional banking system and the new, rapidly growing crypto economy. With the Gemini dollar, we continue to deliver on our mission — to build the future of money — and help transform the global financial system to enable possibilities previously unimaginable.”