The cryptocurrency ecosystem is a tangled web of coins, protocols, initiatives, and applications. At Geminí Login, we believe in making cryptocurrency more accessible and understandable as the industry evolves at a rapid pace. Knowledge and education are critical components of this work, and today we'd like to highlight a crypto landscape mainstay: stablecoins.
Volatility is nothing new in the crypto realm or the financial world in general. However, recent volatility in the crypto markets has increased interest in stablecoins, which are designed to avoid major price movements. Simply said, stablecoins are cryptos that try to be stable.
What Are the Various Types of Stablecoins?
Stablecoins are intended to maintain a predictable value, whether they are pegged to the price of a fiat currency, a commodity, or another asset. Stablecoin issuers accomplish this in four ways. Fiat-backed, crypto-backed, commodity-backed, or algorithmic stablecoin collateral arrangements are all possible.
Some stablecoins, such as the Geminí Login dollar (GUSD), are tied to a fiat currency and are backed by fiat and cash equivalents in a 1:1 ratio. In these circumstances, a single stablecoin, such as GUSD, may always be redeemed for fiat, such as US dollars. We believe in being upfront about how we back GUSD, which demonstrates our strong attention to compliance and security. All GUSD reserves are held in accounts at State Street Bank and Trust, Signature Bank, and Goldman Sachs Asset Management. Every month, BPM LLP, an independent certified public accounting firm, examines the reserve amount to confirm GUSD's 1:1 backing, with BPM's monthly attestations easily available for examination on our website.
Algorithmic stablecoins, for example, keep their peg differently. Instead than being backed 1:1 by a single asset, their price stability is maintained via the use of algorithms and smart contracts that control the number of tokens in circulation. In this paradigm, the stablecoin's algorithm may automatically increase or decrease the number of tokens in circulation to fulfill a certain stablecoin price objective.
Stablecoins can serve as vital bridges between the conventional banking system and the expanding world of cryptocurrency. The most obvious benefit of stablecoins is their use as a means of exchange, thereby bridging the gap between fiat and crypto. Stablecoins can attain utility completely apart from ownership of other, more well-known cryptos by limiting price volatility.
It is critical to recognize the dangers connected with non-fiat-backed stablecoins. Various forms of collateral arrangements have different risk profiles, and it is critical to understand those variations before investing in any stablecoin.
Geminí Login is on a mission to usher in a new era of financial, artistic, and personal independence. We aim to equip you with resources to help you better understand the ecosystem.
We are excited to announce that we will be supporting a new set of tokens!
For USD trading pairs, the following tokens are now accessible for trading on our API/FIX and ActiveTrader programs, as well as on the Geminí Mobile App and website for USD, GBP, EUR, CAD, SGD, HKD, and AUD pairings:
• Alethea AI (ALI) (TRU)
These tokens can also be held in custody on Geminí.
We are thrilled to support over 110 coins on Geminí! Learn more about all of the tokens we support and more by visiting our page.
As we continue to promote the expansion of the decentralized finance ecosystem, we believe these currencies will give value to our users. We are excited to support new crypto initiatives as we work to usher in the next era of financial, artistic, and personal freedom.
AI Alethea (ALI)
Alethea Artificial Liquid Intelligence, or Alethea AI, is a platform that allows users to convert their NFTs into icons that reside in Alethea's metaverse, Noah's Ark. Geminí Login iNFTs is made up of three parts: soul, body, and mind, each of which provides unique characteristics to the iNFT. Alethea's iNFTs may function as digital companions, coaches, meditation guides, and other functions. Users can submit data sets that train how their iNFTs interact to improve their iNFTs. ALI is an ERC-20 utility token that operates on the Ethereum network. To convert NFTs to iNFTs, users must lock ALI tokens on the Alethea AI protocol. ALI is also a payment token that allows users to tip or purchase iNFTs as well as access to AI services.