A fiat-backed crypto currency has been green lit by the New York Department of Financial Services. The stablecoin would be the first government approved crypto currency backed by US dollars. The coin is the creation of Tyler and Cameron Winklevoss, who also own trading platform Gemini. The coin is being called the Gemini Dollar, and each crypto coin is backed by an actual US dollar owned by the Winklevoss twins.
This would give the Gemini Coin more credentials compared with USDTether for example, which supposedly is also backed by US dollars, but doesn’t have the same approval as the Gemini Dollar does. The new Gemini dollar is already being used on the Gemini trading platform. It’s the first approved cryptoasset of the twins, whose Bitcoin ETF proposal get rejection twice by regulators.