- The move will bring liquidity and stability in cryptosphere
- The two firms have partnered with Liquid on a common vision for digital currencies
- The Stablecoins have already received approval from the NYDFS
The Gemini dollar (GUSD), a regulated Stablecoin pegged on the US dollar, will soon be listed on the world’s leading fiat-crypto platform Liquid. The move is touted to bring the much-needed liquidity and stability in cryptoshpere.
Liquid to Provide more Liquidity
The announcement was made on Friday, November 2, 2018, through a press release by the flagship global Fintech Company. The high-flying Fintech Company was unveiled only in September 2018 but is already among the world’s leading fiat-to-crypto platforms by trade volumes.
According to the statement, Liquid will leverage on Gemini’s liquidity for “Liquid’s External World Book” which is a global pool of a network of leading cryptocurrency exchange. The two firms have partnered on a vision for digital currencies that promotes “compliance, regulation, and security.” Gemini CEO Tyler Winklevoss said:
“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.”
Liquid is also listing another Stablecoin the USD Coin (USDC), a regulated, US dollar-backed Stablecoin that’s governed by CENTRE, an industry consortium co-founded by Coinbase and Circle. The company announced that USDC’s initial trading pairs will be Bitcoin and Ethereum.
Each USDC is equivalent to one dollar and is represented as 1:1 of USD on the Ethereum blockchain besides being 100 percent collateralized by a corresponding US dollar held in accounts subject to regular public reporting of reserves. The Circle team is excited and looks forward to furthering collaboration with Liquid in its expansion plans. Circle CEO Jeremy Allaire stated:
“We are thrilled to see Liquid launch support for USDC. As the leading exchange for the Japanese Yen market and a pioneer in the cryptocurrency exchange market, they are a strong partner for USDC. We share a common vision of an open, connected and global financial system built on cryptocurrency assets and blockchain technology.”
The Gemini Dollar (GUSD) is an ERC20 Stablecoin that was launched by Gemini cryptocurrency exchange two months ago and exists on the Ethereum ETH, 1.42% network. The Stablecoin received approval from the New York State Department of Financial Services and is backed by an FDIC-insured U.S. bank account. Commenting on the development, Liquid 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 […] Circle is a natural partner and ally for Liquid as we share common values in our motivation to clean up cryptocurrency, bring much-needed liquidity to the space.”