Gemini Dollar (GUSD) Review
Named auditor, named regulator, named custodians
of 10
GUSD is the most completely documented stablecoin in this comparison: regulated by NYDFS since 2018, attested monthly by BPM LLP on a randomly selected business day, with reserves held at State Street, Goldman Sachs and Fidelity and 1:1 redemption stated as always available to Gemini customers.
No money changes hands. This is a non-commercial project: no advertising, no sponsored placements, and no affiliate or referral links. Links to the services below earn us nothing. Every overall score is the plain average of the criteria shown on the page, so you can check the arithmetic yourself — see our rating methodology and how the site is funded.
Regulator
NYDFS, since 2018
Backing
Cash and cash equivalents: bank accounts, money market funds, US T-bills
Attestation
Monthly, BPM LLP, on a randomly selected business day
Custodians
State Street, Goldman Sachs, Fidelity
Redemption
1 GUSD for $1 on Gemini at any time
Scores
Each criterion carries equal weight. The overall score is the average of these 5 scores — (10.0 + 10.0 + 9.0 + 9.0 + 9.0) ÷ 5 = 9.4.
Pros
- Regulated by the New York State Department of Financial Services since 2018
- Monthly attestations by a named firm, BPM LLP
- Attestation performed on a randomly selected business day, not a date the issuer picks
- Custodians named: State Street Bank and Trust, Goldman Sachs, Fidelity
Cons
- Direct redemption is stated for Gemini customers, so it depends on holding an account there
- Reserves in money market funds and T-bills carry duration, unlike pure cash
- Circulating supply is small relative to the largest stablecoins
The random-day detail is the tell
Most issuers attest reserves as at a chosen date. Gemini states that BPM LLP conducts its examination on one randomly selected business day each month, which removes the ability to arrange the balance sheet for a known reporting date. No other issuer in this comparison publishes that.
Everything is named
The regulator (NYDFS, since 2018), the attesting firm (BPM LLP) and the custodian banks (State Street, Goldman Sachs, Fidelity) are all identified. This rubric rewards specificity because unnamed parties cannot be checked, and GUSD names all three.
The practical constraint
Redemption at 1:1 is stated as always available to Gemini customers, which means the right depends on an account with the issuer's exchange. That is normal for the category but worth knowing before treating the peg as unconditional.
How it compares
Ethena USDe
Synthetic dollar, and says so
Sky USDS
Crypto-collateralised with public collateral data
Tether (USDT)
The largest supply, the thinnest disclosure cadence
First Digital USD (FDUSD)
Bankruptcy-segregated reserves in a Hong Kong trust
Global Dollar (USDG)
Supervised in Singapore and under MiCA in Europe
PayPal USD (PYUSD)
Regulated issuer behind a consumer brand
Pax Dollar (USDP)
Cash-only reserves with unconditional redemption
USD Coin (USDC)
Instrument-level reserve disclosure
Ripple USD (RLUSD)
Dual regulatory approval with a named custodian
Sources
Scored from published primary sources rather than hands-on use. Every figure above comes from one of the pages below, on the date shown. Manufacturers change prices and specifications without notice — if something here no longer matches the source, tell us and we will correct it.
- 1.Gemini — Gemini dollar official page — checked
Frequently asked questions
Who audits Gemini dollar reserves?
Gemini states attestations are published monthly by BPM LLP, an independent registered accounting firm, examining a randomly selected business day each month.
Is GUSD regulated?
Gemini states GUSD has been fully regulated by the New York State Department of Financial Services since 2018.
Nothing here is financial advice. Editorial policy · How we score · How we're funded.