BitMart Exchange is the latest crypto trading exchange to list the Gemini Dollar (GUSD) on its platform. This move signifies the growing popularity of the GUSD and comes with several benefits for BitMart.
Harnessing Trustworthiness And Liquidity
The Gemini Dollar is categorized as a stable value coin, also known as a stablecoin. It is designed to offer low volatility against the world’s most influential official currencies such as the Dollar and Euro. To this end, GUSD’s developers decided to tether the Gemini Dollar to the U.S. dollar on a ratio of 1:1.
For BitMart, offering the GUSD will be good for business in terms of trustworthiness and liquidity. For starters, more people will be willing to join the platform by buying GUSD considering it is essentially holding the U.S. dollar’s value in real time. This will increase the platform’s customer base and, consequently, the cash flow, thus giving BitMart greater liquidity than it enjoys today.
It will also help to build trust as the Gemini Dollar is more reliable than most other cryptocurrencies including Bitcoin – the government’s regulation of the U.S. dollar means that there is less volatility and, consequently, less risk.
Early Phases Of Implementation
The BitMart team has already issued a press statement confirming this news. Sheldon Xia, the Founder and CEO of BitMart, said that the company has optimized its systems to accommodate the GUSD. However, the listing is still in its early phases – the only pair available for the Gemini Dollar is GUSD/USDT. However, Mr. Xia promised to offer more pairs soon as the implementation of this latest entrant takes shape.
Why The Buzz Around The Gemini Dollar?
The Gemini Dollar is relatively new compared to many other cryptocurrencies and stablecoins. However, it is dominating headlines as its popularity grows around the world. It has already been listed on several global crypto exchange platforms. So, how is it different from other stablecoins?
The Gemini Dollar is unique in one key aspect: it is the world’s first regulated stablecoin with oversight from the New York State Department of Financial Services (NYDFS). The stablecoin was developed by the Gemini Trust Company, LLC. As mentioned earlier, it was pegged to the U.S. dollar on a ratio of 1:1. To this end, it has emerged as a stabilizer for cryptocurrency traders and even a value storage vehicle for investors and speculators.
However, the GUSD has risen in the midst of another popular stablecoin’s demise: the Tether (USDT). The USDT was founded on the same principles as the GUSD, but time has proven that it could not live up to its promises. Its popularity has been waning since it lost its grip on the U.S. dollar, effectively reducing it to an ordinary cryptocurrency – however, it would not come as a surprise if the USDT had a comeback.
The Gemini Dollar seems to have a bright future considering its soaring popularity and its very nature. For BitMart customers, the company’s move to list the GUSD will open up greater transactions and trading opportunities, foster trust, and boost security while also reducing risks.