Liquid Exchange to List Gemini Dollar (GUSD)

Liquid digital asset exchange will list Gemini Dollar (GUSD).        

Quoine is the fintech company behind digital asset exchange Liquid, is licensed by the Japan Financial Services Agency (FSA). Quoine is a member of the Japan FSA cryptocurrency self-regulatory body, JVCEA, mandated to formulate guidelines for cryptocurrency exchanges in Japan.

Liquid's External World book is a global liquidity pool sourced from a network of crypto exchanges. Liquid will tap into Gemini's liquidity for the External World Book. The World Book is already active internally on Liquid. Though currently limited for for select pairs it provides highly liquid order books for traders by matching orders under the hood.

GSD Stable Coin in Brief

The Gemini dollar (GUSD) is a stable coin and ERC20 compliant token backed by the U.S. dollar.
Each ERC20 compliant GUSD coin is a 1 to 1 (1:1) representation of a US dollar on the Ethereum blockchain. Hence GUSD coin maps to a single US dollar. The U.S. dollars that back GUSD are held at the State Street Global Bank in the United States and eligible for federal deposit insurance coverage.

The announcement said, "The balance held by State Street is examined monthly by an independent, registered public account firm, with reports available to the public, while the smart contracts underlying the GUSD token have been audited and formally verified by an independent security firm, whose report is also publicly available. In addition, the multi-layered GUSD protocol brings a high level of security."

Stablecoin such as GUSD help investors and traders move around different cryptocurrency platforms with predictable pricing among highly volatile crypto markets.

Executive Opinion

Liquid Chief Executive Officer (CEO), Mike Kayamori, said "The Gemini dollar is an obvious choice for Liquid. Both Liquid and Gemini put transparency, regulation and compliance at the forefront of our operations. We are proud and honoured to be able to offer Liquid customers the opportunity to use a stablecoin that can stand up to regulatory scrutiny. We will now explore the opportunity to develop a JPY-pegged stablecoin.”

Gemini Chief Executive Officer (CEO), Tyler Winklevoss, "We are excited to see Liquid's adoption of the Gemini dollar. We believe a truly regulated and transparent stablecoin is a huge step forward for the ecosystem and appreciate Liquid's support in bringing GUSD to their marketplace."

To start with, GUSD will trade against Bitcoin and Ethereum on Liquid platform and other pairs will be added in future.

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Mandar is a seasoned software professional for more than a decade. He is Cloud, AI, IoT, Blockchain and Fintech enthusiast. He writes to benefit others from his experiences. His overall goal is to help people learn about the Cloud, AI, IoT, Blockchain and Fintech and the effects they will have economically and socially in the future.

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