GUSD (GUSD)

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Historical price evolution of GUSD

Daily historical data. Updated automatically.

The history of GUSD (Gemini Dollar) is intimately linked to the trajectory of Gemini Trust Company, founded in February 2014 by twins Tyler and Cameron Winklevoss in New York. Four years later, on 10th September 2018, Gemini received approval from the New York State Department of Financial Services (NYDFS) and launched GUSD, becoming one of the world's first regulated stablecoins. The token, built as ERC-20 on the Ethereum blockchain, featured from launch a contract audited by Trail of Bits.

In October 2022, GUSD experienced a moment of institutional consolidation when MakerDAO approved integrating the stablecoin into its Peg Stability Module (PSM) with a ceiling of 500 million dollars, making MakerDAO the largest holder of GUSD. However, the project's stability was compromised in November 2022, when on 16th of that month Genesis, partner of the Gemini Earn programme, suspended withdrawals. As a consequence, Gemini was forced to freeze Earn, blocking funds of approximately 232,000 users for a total of nearly 900 million dollars.

The year 2023 marked a critical period for GUSD. On 12th January, the SEC sued both Gemini and Genesis for the unregistered offering of securities through the Earn programme. A week later, on 19th January, MakerDAO staged a dramatic vote: by a narrow margin of 50.85% versus 49.15%, delegates voted to maintain the GUSD ceiling in the PSM at 500 million dollars. The pressure continued on 31st January when OKX removed GUSD from its platform, causing the stablecoin to briefly lose its peg falling to 0.98 dollars. In June 2023, MakerDAO voted to drastically reduce its exposure to GUSD from 500 million to 110 million dollars, eliminating the stablecoin's main external use case.

During 2024 and 2025, Gemini sought recovery and regulated expansion. In January 2024, the company obtained crypto registration in France, expanding its regulated presence in Europe. On 1st March 2024, Gemini agreed to return at least 1,100 million dollars to Earn users and pay a fine of 37 million to the NYDFS for unsafe practices linked to Genesis. In January 2025, Gemini reached a 5 million dollar settlement with the CFTC for misleading statements about bitcoin futures in 2017, and moved its European headquarters from Dublin to Malta. The process culminated with the filing of the S-1 with the SEC on 16th August 2025 to go public on the Nasdaq under the symbol GEMI, obtained the MiCA licence from the Malta Financial Services Authority on 21st August enabling it to operate in the 27 member states of the EU, and finally debuted on the Nasdaq under the ticker GEMI on 12th September 2025.

GUSD functions as an ERC-20 token issued on the Ethereum network by Gemini Trust Company, an entity regulated by the New York State Department of Financial Services. Each token in circulation maintains 1:1 backing with US dollars, which are deposited in segregated bank accounts at State Street and Western Alliance Bank, in addition to money market funds and US Treasury bills with maximum maturities of three months. The smart contract, audited by Trail of Bits, utilises a three-layer architecture with separate layers called Proxy, Impl and Store, which allows updating of transfer and issuance logic without modifying the permanent blockchain ledger record.

The security system employs keys generated and stored in offline hardware security modules, which require multi-signature from at least two signatories to authorise high-risk actions. Transparency is maintained through monthly reserve attestations carried out by independent firm BPM LLP, which additionally verifies holdings on a random business day each month. The token supply is variable and adjusts automatically: new tokens are minted when users deposit US dollars and are destroyed when they make withdrawals, thus maintaining constant parity between the digital tokens and backing assets at all times.

Data verified against external sources. Some values may have changed since the last update.