GUSD

Can this project keep operating and funding itself for years?

Gemini states that GUSD is redeemable one-for-one for U.S. dollars and backed by cash or cash equivalents. That reserve-and-redemption design supports a middling sustainability score, while dependence on one centralized issuer limits it.1

Can outsiders see and check what the team and the protocol do?

Gemini identifies GUSD as regulated by the New York Department of Financial Services, and its 2026 Form 10-K reports monthly independent reserve attestations by BPM LLP. Those recurring issuer disclosures warrant a strong transparency score.12

Does the protocol earn real fees or income from use?

GUSD is a reserve-backed issuer product rather than a protocol with disclosed tokenholder fee sharing. Gemini's filing describes the reserve-attestation framework, but the supplied sources do not establish a material GUSD-specific revenue stream for holders.2

Is the technology being built and shipped, and does it matter?

The issuer materials describe a conventional fiat-backed stablecoin with one-for-one redemption and cash or cash-equivalent reserves. This is useful payment infrastructure, but it does not evidence a differentiated protocol or novel technical mechanism deserving a high innovation score.1

Who uses, builds and holds it, and how durable is that base?

The supplied Gemini materials document issuer controls and redemption terms, not a broad independent developer or multi-chain ecosystem. GUSD's role remains tied to a single centralized issuer and Ethereum token contract, supporting a low community and adoption score.1

Do supply, issuance and unlocks protect holders from dilution?

Gemini states that each GUSD is redeemable one-for-one for U.S. dollars and backed by cash or cash equivalents. Combined with the monthly reserve-attestation process reported in its filing, this supports a strong collateral and peg-design score.12

1. 1gemini.com/dollarCited for Sustainability, Transparency, Innovation, Community, Tokenomics
2. 2investors.gemini.com/static-files/3cbf980d-a233-4c19-8cb3-e8a50fc9c077Cited for Transparency, Revenue, Tokenomics

• Gemini states that GUSD is regulated by the New York Department of Financial Services
• Gemini states that GUSD is redeemable one-for-one for U.S. dollars and backed by cash or cash equivalents
• Gemini reports monthly GUSD reserve attestations by independent accountant BPM LLP in its 2026 Form 10-K
• GUSD has a specified Ethereum ERC-20 contract at 0x056Fd409E1d7A124BD7017459dFEa2F387b6d5Cd

• GUSD holders rely on Gemini and its banking and reserve arrangements for redemption and peg maintenance
• The design is an Ethereum ERC-20 token, so it does not provide native multi-chain availability
• Monthly attestations provide a point-in-time reserve assessment, not a continuous audit of every transaction
• A regulated reserve model does not eliminate the operational and counterparty risks of using a centralized issuer

GUSD is positioned as a compliance-focused Gemini stablecoin. Its differentiators are Gemini Trust Company issuance, NYDFS regulation, one-for-one redemption claims, and monthly BPM LLP attestations.

GUSD retains a comparatively transparent issuer-led framework: Gemini states that it is NYDFS-regulated, redeemable one-for-one, and backed by cash or cash equivalents, with monthly BPM LLP attestations reported in Gemini's 2026 filing.