First stablecoin backed by a fiat currency (GUSD) | 10% for @tron-fan-club

Gemini Dollar (GUSD) is the first stablecoin that is backed by a fiat currency. It started its journey
in 2018. This is a very important event in the cryptocurrency world and history. This event marked a pivotal moment in the world of digital assets. The cryptocurrency market is very volatile. This is a nice solution to the notorious price volatility of cryptocurrencies. It is bridging the gap between traditional finance and the blockchain based financial world. The main problem with cryptocurrency is the extreme fluctuations within short periods although they have wonderful features like decentralization and borderless transactions. This volatility is the obstacle of cryptocurrency adoption for everyday transactions.

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The Gemini Dollar was created by the cryptocurrency exchange Gemini in 2018 to solve this problem associated with cryptocurrency volatility. It was designed to address these concerns by pegging its value directly to the US dollar at a 1:1 ratio. That is for every Gemini Dollar issued, there was an equivalent US dollar held in reserve. This backing provided the GUSD with intrinsic
value and stability. We know that Fiat is a stable currency because of foreign currency and gold
reserve backed with issued fiat. For this inception in 2018, it is just like traditional fiat currencies.

The process of issuing GUSD was structured to ensure transparency and regulatory compliance. Gemini collaborated with regulators to create a framework. This framework is totally aligned with existing financial regulations as it is preserving similar amounts of fiat while issuing the coin. Thus, the Gemini Dollar ensured meeting with the standards expected of traditional financial instruments. This approach aimed to build trust among both cryptocurrency loving
people and institutional players.