Cryptocurrency exchange Gemini today made the announcement that its customers in the United Kingdom and the United States may now trade Gemini dollar (GUSD) with British pound (GBP), alongside the already-supported trading into Singapore dollar (SGD) and the United States dollar (USD).
Gemini dollar is a stablecoin that was established on the Ethereum network and has a backing ratio of 1:1 by cash equivalents and fiat currency. According to the statement released by the company, the launch of the GUSD/GBP trading pair is a major step in increasing the accessibility of cryptocurrencies internationally. This move makes the company’s stablecoin accessible to consumers in the United Kingdom in their native currency.
As per the exchange, Gemini dollar acts as a bridge between traditional currencies and decentralized finance (DeFi), and it is actively utilized for trading and staking on decentralized exchanges (DEXs), as well as in DeFi lending protocols and other areas.
Each of the reserves that support GUSD is kept in separate accounts at State Street Bank and Trust, Signature Bank, and Goldman Sachs Asset Management. Meanwhile, the reserve balance is audited on a monthly basis by BPM LLP, an independent certified public accounting company, in order to certify that GUSD has a backing ratio of 1:1.
BPM’s monthly attestations are made available for examination on the Gemini website. Gemini Trust Business, LLC, a New York-based trust company that is regulated by the New York State Department of Financial Services, is the business entity responsible for issuing GUSD.