Gemini Dollar

Gemini Dollar was among the first stablecoins to win a US regulator's blessing, launching in September 2018 under a limited-purpose trust charter from the New York Department of Financial Services. Its issuer, the Gemini Trust Company run by the Winklevoss twins, holds the backing in cash, money-market funds, and US Treasury bills, segregated from the exchange's own accounts, and publishes monthly reserve attestations from an independent accounting firm. Any Gemini customer can redeem one GUSD for one dollar directly on the platform, where tokens are burned on the way out, giving retail holders a genuine par claim rather than a market-only exit. That regulated, fully reserved posture made GUSD an early reference point for compliant stablecoins, though it has stayed small next to USDT and USDC. It circulates as an Ethereum token and trades against the dollar at parity.