The new currency by Winklevoss-run Gemini is pegged directly to the US dollar on the Ethereum blockchain. This means that for every Gemini Dollar there is one actual dollar in a bank account.
Good article. Two points stick out to me; 1. With a successful stablecoin I can move US dollars around as easily as crypo that I can get to anytime I want instead of having to rely on banking hours. 2. The Gemini Dollar will be on the ethereum blockchain, maybe something like this can stop the free fall in the ethereum price. Ethereum desperately needs something on its blockchain that is used often.
Read the full story here...
https://techcrunch.com/2018/09/11/the-winklevoss-stablecoin-is-one-small-step-toward-crypto-acceptance/
Ethereum all the way down to $180, ouch
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