Winklevoss brothers promote their own stablecoin

The owners of the Gemini crypto exchange, the Winklevoss brothers, received a number of patents for stablecoin technology, which, according to themAccording to him, they will allow the use of stable coins in the traditional banking sector.

Between August 2019 and January 2020The Winklevoss brothers' company was granted a total of six patents. One of the patents describes a system that allows investors to directly exchange fiat for digital alternatives.

The basic requirement for a stable coin systemconsists in the fact that she needs “trustees” who generate, exchange and burn stable coins, as well as keep the collateral currency in the ratio of 1: 1 with the number of tokens issued.

According to the patent, act asany financial organizations, banks, trust companies, funds, etc. can be a trusted entity. These entities can issue, administer, redeem, and manage a stable coin system.

A patent granted in January 2020 describesthe process of creating and issuing new tokens for investors. These organizations are also allowed to charge users “processing fees” and for issuing stable coins. The patent also explains that stable coins can be used as collateral during financial transactions that are carried out through smart contracts. The patent describes a unique way for the Gemini Dollar smart contract to interact with the Gemini Exchange.

Last year brokerage and dealershipThe Gemini Exchange license has already enabled customers to purchase digital securities and receive dividends on GUSD. State Street, one of the largest US asset management companies, is the custodian of the reserve to support the Gemini Dollar.