Cryptocurrency News Roundup | September 10 — September 16

Welcome to the PlayChip blog cryptocurrency news roundup, where you can keep up to date on all of the weeks important cryptocurrency and blockchain related news.

The Winklevoss Twins Gemini Exchange Launches Stablecoin, Backed by US Dollars

Cameron and Tyler Winklevoss

Cameron Winklevoss posted an update to the Gemini Exchange blog this week announcing the ‘Gemini Dollar’, an ERC20 token billed as ‘the world’s first regulated stablecoin’.

Stablecoins like Tether (CRYPTO:USDT) and the upcoming Stronghold USD serve as islands of stability in the rough seas of the cryptocurrency landscape. So-called stablecoins reduce volatility by pegging their value to physical assets or traditional fiat currencies. Price volatility is mitigated by producing additional supply when demand increases and by purchasing surplus tokens back from the open market when demand wanes.

“the U.S dollar deposit balance will be examined monthly by an independent registered public accounting firm to verify the 1:1 peg” -Cameron Winklevoss

The Gemini Dollar is also the first of the stablecoins to boast that it has regulatory compliance. The Winklevoss twins Gemini Exchange has gone to great lengths to build strong relationships with New York’s financial regulators.

Back in April, the exchange announced they would be deploying Nasdaq’s SMARTS Market Surveillance technology, the market-leading solution for combating exchange manipulation and malicious behaviour. Gemini also hired former New York Stock Exchange executive, Rob Cornish, as the companies CTO to assist with compliance.

You can learn more about the Gemini Dollar in the official whitepaper, available here.