Gemini Trust Co will launch Gemini dollar
One of the best cases for crypto might turn out to be facilitating dollar transactions outside of the traditional financial framework.
Rumors or conspiracy theories about market leader Tether are frequent so there's likely demand for a regulated, more-transparent competitor. That's what Tyler and Cameron Winklevoss hope to achieve with the Gemini dollar.
They released a statement today saying the New York Department of Financial Services has approved the coin and that it's now available. Stat Street will act as a custodian for the dollars held against Gemini dollar reserves and the firm will be audited monthly by BPM.
"We don't think anyone's solving for the trust problem," Winklevoss said in the phone interview with Bloomberg. Audits have "been lacking in the market up to this point," he said.
To me, this sounds like a winner and it will be interesting to see what happens if/when assets shift out of Tether.
