Tyler and Cameron Winkloss, creators of the Gemini cryptocurrency platform, received permission from the New York regulator to launch their own stable coin.
The so-called “Gemini Dollar” was approved by the New York Financial Services Division (NYDFS). The new coin is secured in US dollars, which are “held by a bank located in the United States and are eligible for FDIC“ pass-through ”deposit insurance subject to certain restrictions.
This is the first cryptocurrency, in the launch of which the Winklevoss brothers take an active part.
Tyler Winklevoss commented on this event:
This is not just the Gemini Trust, we have created a network of significant players in the cryptocurrency market who will also support the new stable coin.
Gemini dollar trades begin today, Tyler hopes that they will be able to solve all the problems associated with the time delays between different cryptocurrency markets.
According to the brothers, the green light of NYDFS makes the Gemini Dollar the "first-ever" regulated stable coin. In this regard, NYDFS director Maria T. Vullo said that:
Our approval of this initiative shows that private companies can set strong standards even within the framework of a rigid state regulatory framework.