Gemini Dollar (GUSD) is a stable cryptocurrency pegged to and backed by the US Dollar. The token created for use within the Gemini crypto exchange blends traditional fiat currency with blockchain technology.
In this article, we will take a closer look at the Gemini Dollar to understand what it is and how it functions. We shall also explore the stablecoin’s use cases, predict its price through to 2030, and list exchanges where it can be traded, before determining whether it is a credible cryptocurrency investment.
So, without further ado, let’s get started.
What Is The Gemini Dollar (GUSD)?
Gemini Dollar or GUSD is a US dollar-denominated stablecoin issued by the cryptocurrency trading platform Gemini. The token approved by the New York Department of Financial Services (NYDFS) was launched in 2018.
GUSD is an ERC-20 standard token built atop the Ethereum blockchain, and its smart contracts are audited by the blockchain security firm Trail of Bits. The native stablecoin of the Gemini crypto exchange is backed by US dollars held in FDIC-insured bank accounts at the Boston State Street Bank.
Gemini Dollar claims to be the first regulated USD stablecoin, with the Gemini Trust Company issuing the token based on the dollar deposits it holds.
How Does The Gemini Dollar (GUSD) Work?
Gemini Exchange’s founders Cameron and Tyler Winklevoss have said that the Gemini Dollar (GUSD) is intended to bridge the gap between traditional and decentralized finance.
Gemini customers can convert their USD balances into GUSD and deposit them into an Ethereum address. Gemini Dollar then issues smart contracts that will be used to store and transfer value according to the conditions set by its developer, Gemini Exchange.
The stablecoin can be used to transact on the Ethereum network and stored on any wallet compatible with the blockchain.
The contract responsible for increasing its supply must be signed by an online key up to a certain limit. When it is necessary to mint coins beyond that limit, an offline signature is required. This mechanism is intended to increase the security of the token’s issuance.
Gemini Dollar (GUSD) Tokenomics
Gemini Dollar (GUSD) has a maximum supply of 148.54 million tokens, with a market capitalization of $105.996 million. Currently, there are 106.1 million GUSD in circulation that have attained a trading volume of $1.18 million over the last 24 hours.
Gemini Dollar (GUSD) Price Prediction: 2024, 2025, 2026, 2027, 2028, 2029, 2030
At the time of writing, the Gemini Dollar (GUSD) is trading at $0.999 – up 0.07% in the last 24 hours. Based on its current market value, we have predicted the expected minimum, average, and maximum prices at which GUSD could trade between 2024 and 2030.
Please note that the numbers given below are speculative and could change depending on the market conditions and performance of GUSD.
YEAR | MINIMUM PRICE | AVERAGE PRICE | MAXIMUM PRICE |
---|---|---|---|
2024 | $0.9820 | $1.00 | $1.12 |
2025 | $1.00 | $1.00 | $1.00 |
2026 | $1.00 | $1.00 | $1.00 |
2027 | $1.00 | $1.00 | $1.00 |
2028 | $1.00 | $1.00 | $1.00 |
2029 | $1.00 | $1.00 | $1.00 |
2030 | $1.00 | $1.00 | $1.00 |
Where Can You Buy Gemini Dollar (GUSD)?
Gemini Dollar (GUSD) can be purchased and traded on the following cryptocurrency exchanges:
- Gemini
- Coinbase
- Bitstamp
- Curve
- ProBit Global
- THORChain
- EXMO
Is The Gemini Dollar (GUSD) A Credible Cryptocurrency Investment?
Gemini Dollar (GUSD) is a US dollar-denominated stablecoin issued by the Gemini crypto exchange. The Ethereum-based cryptocurrency is regulated by the New York Department of Financial Services (NYDFS), backed by smart contracts that control its issuance and supply, and its reserves are audited by credible blockchain security firms.
GUSD is primarily used within the Gemini exchange for transactions and trades involving the US dollar. The exchange’s customers can convert their dollar balances into GUSD and move them across the Ethereum blockchain or store them in Ethereum-compatible wallets.
All things considered, I would recommend the Gemini Dollar (GUSD) as a credible cryptocurrency investment because, at its core, it is a stablecoin that is immune to the price volatility that affects other cryptocurrencies like Bitcoin (BTC) or Ethereum (ETH).
However, the case of volatility cannot be completely ruled out because stablecoins are always at risk of losing their dollar parity in case something unfortunate happens to their issuer. Therefore, you must thoroughly research the Gemini Dollar project to fully understand its benefits and risks before making any investment decisions.
Read more: Hoppy Price Prediction 2024, 2025 – 2030, Where to Buy? Is it a Credible Investment?