A bit of an understatement, but it’s a massive day for the crypto industry. On Monday, the Winklevoss twins announced the launch of the Gemini stablecoin, a regulated cryptocurrency backed by USD.

Super excited to announce the launch of the Gemini dollar, the world’s first regulated stablecoin! So proud of our amazing team. cc @GeminiDotCom https://t.co/7qUYM2rjtP
— Tyler Winklevoss (@tylerwinklevoss) September 10, 2018

Here’s why this is significant crypto news.

Introducing the Gemini Stablecoin

There are multiple reasons to be optimistic about the Gemini dollar, aside from it being the world’s first regulated stablecoin.

For starters, the Gemini stablecoin will be pegged to the United States dollar at 1:1. Second, the Gemini dollar will allow individuals to both send and receive USDs on the Ethereum (available on Coinbase) network. To do so, users will be using ERC20 tokens.

To simplify, users can convert USD into Gemini dollars, and vice-versa.

Third, the launch of the Gemini dollar indicates that the Winklevoss twins have not been scared away from the crypto industry. Last month Tyler Winklevoss said that the Gemini Trust Co had been considering launching a stablecoin for a while. However, when factoring in things like SEC rejections and the downturn in the Bitcoin (available on Coinbase) price, you could foresee the possibility of this not happening.

That’s not the case though. And we’re glad to see the Gemini dollar hitting the market. After all, stablecoins are starting to become more and more popular, and, according to Gemini Trust Co., the Gemini dollar “combines the creditworthiness and price stability of the U.S dollar with blockchain technology” as well as the “oversight of U.S. regulators.”

The Crypto Market Reacts

Everyone seems pretty excited. Various mediums are covering the stories, the Winklevoss twins are active on social media, and numerous well-known crypto players have joined the conversation.

Building a viable stablecoin is as much of a trust problem as it is a computer science one. The Gemini dollar is the first stablecoin in the world that has solved for both. That’s the innovation here. From our white paper: pic.twitter.com/g4IEXl6Ldm
— Tyler Winklevoss (@tylerwinklevoss) September 10, 2018

One crypto player even said this is a sign that the crypto industry is maturing, which seems accurate. Thanks to the Gemini dollar, the gap between conventional banking and the crypto market will close.

Winklevoss twins just announced a stablecoin backed by USD. The Ethereum (available on Coinbase)-based token is:
– Approved by NY Department of Financial Services– Dollars held in FDIC-insured State Street account– Audited by multiple third-parties at various times
The market continues to mature.
— Pomp 🌪 (@APompliano) September 10, 2018