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The so-called Gemini dollar now has the backing of the New York Department of Financial Services (NYDFS), with coins backed by US dollars that are held at a US bank with eligible FDIC pass through deposit insurance.
The move represents the first cryptoasset from the twins, whose mission to launch a Bitcoin exchange-traded fund (ETF) received a second rejection from regulators in July. “It’s not just Gemini Trust,” Forbes quotes Tyler Winklevoss as saying: “But you have to build a network of important players that are also trusted to solve for the [sic] trust problem of a stablecoin.” Trading of the Gemini dollar begins today, Tyler telling Forbes he hopes it will solve issues associated with time delays between 24/7 crypto markets and time-restricted fiat ones.
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