Gemini, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, has announced the creation of a USD-pegged Ethereum token. The new cryptocurrency, called the Gemini dollar, is pegged 1:1 to the US dollar and is built on the Ethereum network according to the ERC20 standard for tokens. GUSD is structured as an ERC-20 token on the Ethereum blockchain.
Gemini users can acquire GUSD by depositing USD into their exchange accounts and then converting them into tokens, which can then be withdrawn to any Ethereum address. Similarly, users can exchange GUSD for physical dollars from within their Gemini accounts.