Gemini Dollar (GUSD): what it is, who issues it and how it works

What GUSD is and who issues it

Gemini Dollar (GUSD) is a US dollar stablecoin: a token meant to be worth exactly $1 because each one is backed by a dollar of reserves that the issuer holds. It exists as an ERC-20 token on Ethereum at the contract address 0x056fd409e1d7a124bd7017459dfea2f387b6d5cd, and Gemini's own pages and its annual report name no other network for it.

The issuer is Gemini Trust Company, LLC, a limited purpose trust company chartered by the New York State Department of Financial Services (NYDFS). Its user agreement states it directly: "We issue a cryptographic stored value token (the 'Gemini Dollar') that is pegged to the U.S. dollar." The trust company belongs to Gemini Space Station, Inc., a Nevada corporation whose Class A shares trade on Nasdaq under the ticker GEMI, according to its 10-Q for the quarter to 30 June 2026. Tyler Winklevoss is listed as chief executive and Cameron Winklevoss as president.

GUSD and the Gemini exchange are separate products of the same group. This page covers the token; the exchange, its fees and its country coverage are described in our Gemini company profile.

How GUSD is created and redeemed

GUSD is not mined or bought from a smart contract. It comes into existence only through a Gemini account, and the user agreement says that "only Gemini Customers" may exchange dollars for GUSD or GUSD for dollars at Gemini.

1. Create. A customer with US dollars in a Gemini fiat account buys GUSD at a 1:1 rate. Gemini mints the tokens on Ethereum and moves the matching dollars into its Gemini Dollar reserve.
2. Use. The customer can hold GUSD on Gemini or withdraw it to any Ethereum address. From there it moves like any other ERC-20 token, and each transfer costs Ethereum network gas.
3. Redeem. A customer who deposits GUSD back to Gemini and sells it for dollars has the tokens burned and receives US dollars from the reserve. The agreement defines timely redemption as no more than one full business day.

Anyone can hold or receive GUSD on chain, but only Gemini customers can convert it to dollars with the issuer. Everyone else exits by selling GUSD to someone else, at whatever price a market offers.

Fees and minimums

The user agreement dated 21 August 2026 says Gemini does not currently charge a fee to buy GUSD with US dollars, though debit card fees still apply when a card is used, and Gemini reserves the right to add fees with written notice. The GUSD page describes converting USD to GUSD as free. Withdrawing GUSD from Gemini has a minimum of 1 GUSD, against $10 for other digital assets, and you may pay network ("mining") fees on transfers.

What backs GUSD

Gemini states that GUSD is fully backed by cash or cash equivalents held across bank accounts, money market funds and US Treasury bills, in accounts segregated from Gemini's own money. An April 2023 Gemini blog post adds that the reserve holds only Treasury bills, not notes or bonds, and that each bill matures in three months or less, which matches the limit in the NYDFS guidance for the stablecoins it supervises. On the GUSD page, Gemini says the cash may be held at State Street Bank and Trust Company, Goldman Sachs or Fidelity.

Reserves are checked by BPM LLP, which Gemini identifies as an independent registered accounting firm. BPM publishes a monthly attestation, and Gemini says it also examines one randomly selected business day each month, so the issuer cannot prepare for a known reporting date. The monthly attestation is the same kind of check NYDFS requires: its June 2022 guidance asks supervised issuers for monthly examinations by an independent CPA, published within 30 days, plus an annual report on internal controls.

An attestation confirms that reserves matched tokens outstanding at the dates examined. It is not a full audit of Gemini, and it says nothing about the days in between.

How much GUSD exists

GUSD is a small stablecoin. On 1 November 2026, Etherscan showed a total supply of 35,602,333.53 GUSD spread across 19,148 holder addresses. Gemini's 10-Q reported customer custodial funds related to GUSD of $39.8 million at 30 June 2026, down from $46.6 million at 31 December 2025. The two figures come from different dates and sources, so they show the scale rather than a reconciled balance. The token has two decimal places, so it cannot be split below one cent.

Regulation and track record

NYDFS authorized Gemini Trust Company to issue the Gemini Dollar on 10 September 2018, the same day it approved the Paxos Standard token from Paxos Trust Company. The approval required GUSD to be fully convertible into dollars and came with anti-money-laundering, sanctions, cybersecurity and consumer-complaint obligations, examination by the department, and the possibility of charter revocation for non-compliance.

Gemini says its Ethereum contract was audited by Trail of Bits and links to the source code from the GUSD page. Gemini's about page gives NMLS ID 1518126 for Gemini Trust Company.

Risks to understand

• Redemption depends on a Gemini account. If you are not a customer, or your account is restricted, the 1:1 promise does not apply to you directly.
• Tokens can be frozen. The user agreement says GUSD involved in a conduct violation may be frozen, forfeited or seized, and in some cases destroyed, and that Gemini may stop an account from buying or selling GUSD.
• The contract can be changed. The token contract on Etherscan is a proxy whose interface includes functions to request and confirm a change of implementation, so token behavior is not fixed forever.
• Deposit insurance is limited. Bank deposit insurance can cover the cash part of the reserve only for Gemini customers and only up to the FDIC limit, and it does not cover the token itself.
• One network. Gemini issues GUSD on Ethereum only, so moving it costs Ethereum gas, and a token called GUSD on another chain is not one Gemini describes as its own.

For a framework that applies to any dollar stablecoin, see our guide on how to assess a stablecoin.

Alternatives by function

These are similar tokens, not recommendations. Pax Dollar (USDP) is the other stablecoin NYDFS approved in 2018 and Paxos now states that its issuance is overseen by the federal Office of the Comptroller of the Currency. USD Coin (USDC) is issued by Circle on many more blockchains than GUSD. Our stablecoin ratings cover these and other issuers. GUSD itself is assessed separately in our GUSD review, which applies the site's published criteria; this profile describes the token and does not grade it.