Easy way to Buy GeGemini Dollar(GUSD) Online with Wigwam crypto app

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Gemini Dollar | GUSDGemini Dollar1,223 GUSD

How to buy and hold GUSD with Wigwam

GUSD

1. Choose a token number that you want to buy

2. Create a wallet, where to store your crypto

3. Pay with credit card

454.73 GUSD

4. Check your crypto in the created wallet

Why Wigwam is the best crypto wallet for Gemini Dollar (GUSD) storage

Ultimate security, only you have access to your Gemini Dollar tokens

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Why Wigwam is the best crypto wallet for Gemini Dollar (GUSD) storage

Gemini Dollar (GUSD) Token Review

GUSD is a ERC-20 stablecoin built on Ethereum and issued by the Gemini Global Exchange, a crypto centralized exchange licensed and regulated by the New York State Department of Financial Services for buying, selling, and storing over 80 cryptocurrencies

About Gemini Crypto Exchange

In 2014, Cameron and Tyler Winklevoss introduced the Gemini Crypto Exchange, offering a user-friendly service for purchasing and storing Bitcoin in a password-protected environment with private keys for enhanced security. It became available to U.S. customers in 2015 and expanded to serve users in the United Kingdom and Canada the following year. Gemini further extended its reach to Singapore, Japan, Hong Kong, and South Korea, catering to the growing community of crypto users in Asia.

In 2018, Gemini expanded through several partnerships and products. It collaborated with Caspian, a platform addressing crypto trade execution, reporting, security, and compliance challenges for institutional users. Also, Gemini adopted NASDAQ's SMARTS technology to enhance trade monitoring, prevent price manipulation, and combat fraudulent activity.

About Gemini USD Token

The circulating supply of GUSD tokens is currently over 148.2 million It is a stablecoin pegged 1:1 to the US dollar held in FDIC-insured bank accounts and protected by an FDIC deposit insurance program. The token was released in 2018 and is issued by Gemini, a New York trust company and cryptocurrency exchange. 

The creation and issuance of GUSD coins depends on market demand and Gemini has a token mint and burn initiative that ensures a matching supply to the US dollars held in reserve. To mint GUSD, users deposit US dollars into their Gemini account through traditional banking transfer methods (credit/debit card or bank transfer). Upon receiving the deposit, Gemini generates an equivalent amount of GUSD tokens through a smart contract on the Ethereum blockchain, where GUSD functions as an ERC-20 token.

Before issuing the new GUSD tokens, the transaction undergoes verification for regulatory compliance and adherence to the Gemini internal protocols. Upon approval, the equivalent amount of GUSD tokens is minted and added to the user's account or provided wallet. Gemini adjusts users holdings to match the circulating token count, using executable smart contracts for token creation. The contract increasing the supply requires an online key for signing, up to a specific limit. To mint coins beyond that limit, an offline signature is necessary, enhancing the security of token issuance.

To burn GUSD tokens, a user submits a request to redeem GUSD for USD to Gemini, which involves transferring the digital coins back to Gemini. Then Gemini validates the request for authenticity and compliance, ensuring that only valid tokens are burned, while the corresponding US dollars are rightfully disbursed. After approval, Gemini burns the tokens submitted for redemption to remove them from circulation by sending the coins to a smart contract that effectively destroys them, decreasing the total supply. After burning the tokens, Gemini completes the redemption process by releasing the equivalent amount of USD from the reserve to the user's bank account. 

The GUSD minting and burning procedure undergoes regular audits, with Gemini sharing details to uphold transparency and build trust with users and regulators. GUSD token holders can trade their coins for other ERC-20 tokens on DEXs, and use them to perform large transactions such as paying freelancers via Latium or booking travel through Travala.com.

The Gemini Dollar (GUSD) Token Use Cases

  1. Earn interest: The coin holders can earn interest on their GUSD holdings by using lending services on the Gemini exchange with interest rates up to 9% per year.
  2. Trading: The holders of the GUSD token can trade the coins for other ERC-20 tokens on centralized exchanges like Gemini and Coinbase or decentralized exchanges like Uniswap and Curve.
  3. Means of payment and remittances:  Holders of GUSD tokens use the coin as a means of payment and remittance to family and friends worldwide.
  4. Routine purchases: GUSD holders can make routine purchases at various retail outlets, such as Nordstrom, AMC Theaters, and Bed Bath and Beyond.

Challenges

In 2023, the SEC charged the Gemini exchange for the unregistered offer and sale of securities through the Gemini Earn program. While Gemini contested the lawsuit, these legal challenges may impact the token's long-term viability, which relies on the platform's performance and success.


Disclaimer

This article is for informational purposes only and should not be interpreted as financial or investment advice. The views expressed herein represent solely the opinion of the author and are not intended to provide specific trading or investment recommendations. We do not guarantee the accuracy, completeness, or reliability of the information contained in this article. The cryptocurrency market is known for its high volatility and unpredictable fluctuations. Investors, traders, and anyone engaging with cryptocurrency are advised to conduct thorough research, consider a variety of perspectives, and acquaint themselves with applicable local regulations prior to making any investment decisions.

FAQ

Crypto exchanges are reliable platforms to buy GUSD tokens. Visit Gemini or Coinbase exchanges to register an account, fund it, and buy the coin. Also, you can buy GUSD on the Gemini app.

To successfully stake GUSD tokens, follow the below steps:

  1. Visit the Gemini official website https://www.gemini.com/ 
  2. Download and install the Gemini application
  3. Create an account and navigate to the “Earn” tab
  4. Click the “Earn” button and choose GUSD as the coin to stake
  5. Transfer or purchase GUSD tokens from centralized exchanges like StealthEX or Exmarkets 
  6. Alternatively, users can buy the coins directly from the Gemini app
  7. Enter the desired amount of GUSD tokens to stake, confirm, and you'll start earning staking rewards.

Use blockchain explorers to effortlessly track GUSD address activities and EtherScan and Ethplorer are popular examples. EtherScan enables users to review the most recent blocks and transaction details, while Ethplorer offers information on token transfers, issuances, and holders.

Use Ethereum mainnet-compatible wallets like Metamask, TokenPocket or iToken Wallet to successfully add GUSD tokens. For Metamask, install the wallet, go to settings, and select the network. Once connected, click "Add Token," search for GUSD, and import your assets. If not visible, use the manual process. Select "custom token," enter the GUSD token address: 0x056Fd409E1d7A124BD7017459dFEa2F387b6d5Cd. Input "GUSD" for the symbol and "2" for decimals. Confirm details, and your GUSD assets will appear in the wallet.

GUSD is tied to the US dollar, but potential regulatory changes and legal disputes related to the Gemini crypto exchange could impact its stability. Stay informed about legal challenges and regulatory developments before considering any investments.