I’m an avid supporter of stable coins, but i’m unsure on where i stand with GUSD. The main reason is that it’s only reedemable on the Gemini exchange. What if i want to sell it on Binance or Coinbase? This is the clear problem with GUSD, even though its heavily regulated in New York. This comes at a time when New York is suing Bitfinex because it illegally used nearly a billion dollars in USDT to cover up its own losses. This shows the clear need for a regulated and functioning stable coin, but I’m unsure if GUSD fits the bill.
GUSD doesn't seem to make much sense considering there are already so many stable coins that have approval from New York's financial services. PAXOS is already registered in the state of NY so I don't see why there needs to be two stable coins in the same state. Gemini doesn't even list new currencies So why should they be concerned about launching a stable coin?
Where do I start with GUSD? This coin is amazing because I can transfer from Binance directly to my Gemini account. This make trading from fiat to crypto and vice versa extremely easy. I don't understand how people aren't taking advantage of this shortcut. So much money is wasted in transaction fees from going from one exchange to the other. Most people only move crypto to go from one currency to a fiat currency. GUSD makes this whole process so much more simple.
There are a few of these projects being launched and all have the same goal which is to basically replace tether. All of them say they are backed by real fiat etc but this is crypto and it's like the wild west so who knows if they are or not. I still continue to use tether and whether it is or is not really backed by fiat it is still serving it's purpose for me as of now.
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| Currency | Price, USD | 24h | |
|---|---|---|---|
| 1 | Bitcoin | 8 807.389 | -0.32% |
| 2 | Ethereum | 186.805 | -0.28% |
| 3 | XRP | 0.275 | -0.58% |
| 4 | Bitcoin Cash | 290.898 | 0.69% |
| 5 | Tether | 1.004 | -0.02% |
| 6 | Litecoin | 62.004 | -0.21% |
| 7 | EOS | 3.495 | -1.01% |
| 8 | Binance Coin | 20.392 | 1.34% |
| 9 | Bitcoin SV | 133.204 | 0.69% |
| 10 | Stellar | 0.078 | 0.97% |
