Winklevoss twins launches tether challanger

The Winklevoss twins releases their own stablecoin

Image source: Shutterstock / Tether / Gemini

Totte Löfström

totte.lofstrom@trijo.co

The American crypto company Gemini are about to launch their own so-called stablecoin, in order to compete with tether.

Cameron and Tyler Winklevoss, the American twins that became famous when they sued Facebook founder Mark Zuckerberg for stealing their idea (they say that they came up with the idea for Facebook), plans to release their own so-called stablecoin.

A stablecoin is a cryptocurrency that is locked to follow the value of a certain traditional currency, in this case, the U.S dollar. The most well-known stablecoin as of today is tether (usdt).

Tether has previously received critique for their lack of transparency, and will now have to tackle the competition from what the Winklevosses have chosen to call the Gemini Dollar (gusd).

It still remains to be seen if gusd will have the impact on the cryptocurrency markets that the company hopes for.

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