Winklevoss Announce Launch of Stablecoin
The Winklevoss brothers now claim that Gemini dollar is the first global stable coin.
Authorities Issue Permit For First Stablecoin
The Winklevoss brothers, Tyler and Cameron are now permitted to roll out their stable coin. A report by Gemini Medium revealed that the brothers received their permission from New York authorities. The two are credited with coming up with Gemini system.
The new stable coin will be dubbed Gemini dollar and has the full support of the NYDFS. In a media report, the platform has the full backing of the United States dollar. The fiat will be contained in a bank within the US.
In the long term, the two brothers want to come up with ETF. Their application has for an ETF has been rejected twice. The latest announcement means that it is the initial crypto asset from the two.
With the launch, trading in the Gemini dollar began on Tuesday. According to Tyler, they seek to solve challenges that come with delays between daily crypto exchanges and those that restrict fiat. With the launch of stable coins, crypto experts have given varied reactions stating that the market might be less volatile.
According to the brothers, the Gemini dollar will now become the initial globally regulated stable coin. However, Trust company Paxos made a similar announcement on Monday.