Will Other Stablecoins Be Able to De-throne Tether?
Gemini Exchange is one of the larger US-based exchanges following Coinbase & Binance. The exchange was founded by the Winklevoss twins known for their early involvement in the social network Facebook. As the cryptocurrency exchange business is rather competitive, Gemini have been busy innovating,
One of Gemini's innovations was the Gemini Dollar, also
known as GUSD. It functions like nearly any other stablecoin, with its value
pegged to the US Dollar like Tether. The key benefit that Gemini dollar offers
over its competition is greater transparency. They hold Gemini Dollar's reserve
of U.S. Dollars at State Street Bank & Trust company for credibility.
Gemini & Travala
As part of Gemini's efforts to make GUSD more widely adopted,
they have announced a partnership with Travala, a hotel booking company. This
means that users can pay directly with GUSD without the need to turn their digital
assets into fiat currency.
We're excited to announce that @travalacom, the worldâs leading hotel booking service, now accepts Gemini Dollar as their first stablecoin form of payment!â Gemini (@Gemini) December 11, 2019
You can now book over 2,000,000 properties, discover 90,124 destinations and visit 230 countries with $GUSD ð https://t.co/iGv8enSNpM
This seems to be a pretty big development for both Gemini and the Gemini Dollar. Should more merchants accept GUSD as a currency, it could give users another reason to prefer it over Tether. Let's hope the Winklevosses have more functionalities and usecases for GUSD in store.
Written by Jonathan Ganor
Writer & cryptocurrency aficionado