Gate USD

Launched by the crypto exchange Gate in August 2025, GUSD is less a payment dollar than a yield certificate dressed as a stablecoin. A user mints it one-for-one with USDT or USDC, and Gate parks the backing in a hybrid reserve weighted toward US Treasury real-world assets, with stablecoins and exchange revenue alongside. Rather than paying interest daily, the token accrues value so holders collect principal plus earned yield when they redeem at par with Gate. That redemption runs through the exchange itself, which also means the product carries exchange counterparty risk rather than the segregation of a chartered issuer; Gate does not offer it on its EU MiCA site, and no single licensed GUSD entity is disclosed. It reportedly drew well over 100 million dollars within weeks of launch and circulates on Ethereum as an interest-bearing dollar wrapper.