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In this setting, the trust in the custodian of the backing asset is crucial for the stability of price of the stablecoin. Fiat -backed stablecoins can be traded on exchanges and are redeemable from the issuer. The cost of maintaining the stability of the stablecoin is equivalent to the cost of maintaining the backing reserve and the cost of legal compliance, maintaining licenses, auditors and the business infrastructure required by the regulator. Cryptocurrencies backed by fiat currency are the most common and were the first type of stablecoins on the market.
Their characteristics are: Their value is pegged to one or more currencies most commonly the US dollar , the euro , and the Swiss franc in a fixed ratio; The tether is realized off- chain , through banks or other types of regulated financial institutions which serve as depositaries of the currency used to back the stablecoin; The amount of the currency used for backing of the stablecoin has to reflect the circulating supply of the stablecoin.
Commodity backing The main characteristics of backed stablecoins are: Their value is fixed to one or more commodities and redeemable for such more or less on demand; There is a promise to pay, by unregulated individuals, agorist firms, or even regulated financial institutions; The amount of commodity used to back the stablecoin has to reflect the circulating supply of the stablecoin.
Holders of commodity-backed stablecoins can redeem their stablecoins at the conversion rate to take possession of real assets. The cost of maintaining the stability of the stablecoin is the cost of storing and protecting the commodity backing. Cryptocurrency backing Cryptocurrency-backed stablecoins are issued with cryptocurrencies as collateral, which is conceptually similar to fiat-backed stablecoins.
However, the significant difference between the two designs is that while fiat collateralization typically happens off the blockchain , the cryptocurrency or crypto asset used to back this type of stablecoins is done on the blockchain, using smart contracts in a more decentralized fashion. In many cases, these work by allowing users to take out a loan against a smart contract via locking up collateral, making it more worthwhile to pay off their debt should the stablecoin ever decrease in value.
To prevent sudden crashes, a user who takes out a loan may be liquidated by the smart contract should their collateral decrease too close to the value of their withdrawal. Significant features of crypto-backed stablecoins are: The value of the stablecoin is collateralized by another cryptocurrency or a cryptocurrency portfolio; The peg is executed on-chain via smart contracts; The supply of the stablecoins is regulated on-chain, using smart contracts; The price stability is achieved through introduction of supplementary instruments and incentives, not just the collateral.
The technical implementation of this type of stablecoins is more complex and varied than that of the fiat-collateralized kind which introduces a greater risks of exploits due to bugs in the smart contract code. Some rely on advanced computation, while others peg or bind their value to an underlying asset such as gold or fiat currency e.
The most commonly used stablecoins are those pegged one-to-one with the U. These stablecoins maintain value by holding one USD in reserve for each stablecoin issued. The Gemini dollar was designed to provide a transparent and regulatory compliant connection between traditional financial systems, which are based on fiat currencies, and the ever-growing blockchain industry.
Gemini has proactively developed its relationship with legal and regulatory bodies in order to foster trust between the traditional financial system and blockchain community. Treasury Obligations, or 3 U. Treasury Obligations.
The U. Overall, Gemini Trust makes use of a centralized system that helps protect against security threats, giving the Gemini dollar key regulatory advantages over many of its competitors.
In theory, a stablecoin can be pegged to a cryptocurrency , fiat money , or exchange-traded commodities such as precious metals or industrial metals. Stablecoins today are blockchain-based and usually tied to traditional assets, currencies, or a basket of assets and currencies. USD is by far the most sought-after currency traditionally and has carried the same worth into the cryptocurrency market.
To trade in and out of crypto, traders commonly use one or the other USD based stable coin. This gives them stability — as USD is one of the most stable national currencies and helps them make profits in volatility times. There is a dozen or more USD based Stablecoins in the market, each trying to fill an ever-decreasing market need. And so, we came up with a list of the most sought-after iterations of the USD stable coins. One of the major reasons for the quick success was that Tether filled a huge hole.
The owners and founders of the Gemini cryptocurrency exchange have announced the launch of a dollar-backed stablecoin called Gemini dollar. Starting September 10, , the Gemini exchange users will be able to convert their fiat U. It will allow liquidity for participants desirous of sending or receiving U.
Being strictly pegged to the American fiat currency U. The Gemini Trust Company will be responsible for holding the necessary USD deposits that will correspond to the number of Gemini dollar tokens in circulation. The cryptocurrency will be securely held by State Street Bank and will be insured through the Federal Deposit Insurance Corporation FDIC 's "pass-through" deposit insurance program within specified limits. Transacting through such stablecoins allows stable exchange rates and benefits of instant payments, without any high transaction costs.
The launch of a pegged, stable cryptocoin adds another milestone for Gemini and its founders. Since December of last year, the Winklevoss twins have secured eight different crypto-related patents.