New York State Approves Two Dollar-based Cryptocurrencies (engadget.com)

Today, New York approved the first digital currencies that are tied to the US dollar, called "stablecoins." From a report: These cryptocurrencies avoid the price volatility of their brethren by being pegged to stable assets. The digital currencies in question, from Gemini Trust Company and Paxos Trust Company, are available to trade on their respective exchanges. The Winklevoss twins, who rose to fame with a lawsuit suing Mark Zuckerberg for stealing the idea for Facebook from them, have become major players in the cryptocurrency world. They are behind Gemini Trust Company. The currency is pegged to the US dollar on a one-to-one basis; the company will hold US currency that corresponds with all issued Gemini dollars at a bank eligible for the FDIC's pass through insurance.

Comments

Re:The point of this is what, exactly?

[FatAlb3rt]

> How do the Winklevoses cover operating expenses?

They'll make it up in volume. https://www.nbc.com/saturday-n...

Re:Just pay in dollars then.

[Anonymous Coward]

words words blah blah words words words blah words JUST PAY IN DAMN DOLLARS.