We like what Cameron Winklevoss said about the new the Gemini dollar. He called it part of a greater effort to build “a bridge to the future of money.” And that, to us, is exactly what it does.
Charlie says a solid stable coin will allow people to get into crypto without taking a position. In other words, they don’t have to buy any particular cryptocurrency to get in or worry about loss of value once they’re in. We think the Gemini dollar gives people peace of mind, unlike some other stablecoins whose backing has been questioned.
“Cameron and Tyler have basically prided themselves on going above and beyond to build that bridge between the crypto and non-crypto world since I began working with them back in 2012,” Charlie said. “They were very gung-ho.”
He remembers that others in the space wanted to build a similar bridge with little thought given to the quality or longevity of that bridge.
“Some people were focused on what’s the fastest way to get a bridge open so we can get people across,” he said.
But a less than optimal stablecoin could do more damage than good to the crypto space, especially at a time when doing it right is much more important than doing it fast. That’s still true today.
It’s not that we think Bitcoin isn’t strong enough to survive on its own, but we want to do everything we can to foster this monetary revolution.
As Cameron Winklevoss put it, “To date, there has been no trusted and regulated digital representation of the U.S. dollar that moves in an open, decentralized manner like cryptocurrencies. Enter the Gemini dollar — a stable value coin (often called a “stablecoin”) that is (i) issued by Gemini, a New York trust company, (ii) strictly pegged 1:1 to the U.S. dollar, and (iii) built on the Ethereum network according to the ERC20 standard for tokens.”
We welcome the Gemini dollar and look forward to it becoming a potent force for mass adoption of cryptocurrency.
“What Cameron and Tyler did was build the Golden Gate Bridge, the Verrazzano Bridge,” Charlie said. “It took a long time to build, but it’s solid, stable, and it will span decades.”