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Gemini, a cryptocurrency exchange, said today that its users in the United Kingdom and the United States may now trade Gemini dollar (GUSD) for British pound (GBP), in addition to the already-supported trading into Singapore dollar (SGD) and US dollar (USD).

Gemini dollar is a stablecoin founded on the Ethereum network with a 1:1 backing ratio by cash equivalents and fiat currencies. According to the company’s announcement, the launch of the GUSD/GBP trading pair is a significant step toward boosting the worldwide accessibility of cryptocurrencies. This move makes the company’s stablecoin available to UK customers in their local currency.

The Gemini dollar is actively used for trading and staking on decentralized exchanges (DEXs), as well as in DeFi lending protocols and other sectors, according to the exchange, serving as a bridge between conventional currencies and decentralized finance (DeFi).

At State Street Bank and Trust, Signature Bank, and Goldman Sachs Asset Management, each reserve that underpins the GUSD is stored in its account. An independent certified public accounting firm, BPM LLP, audits the reserve amount regularly to confirm that GUSD has a backing ratio of 1:1.

The Gemini website makes BPM’s monthly attestations accessible for review. The corporation in charge of issuing GUSD is Gemini Trust Business, LLC, a trusted company with offices in New York governed by the New York State Department of Financial Services.

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