Gemini dollar (GUSD) API and Price Oracle

Gemini dollar

For informational use only; request a custom oracle/API for production below.
General information
Contract address
Smart contract address of the asset
Blockchain network where the asset is deployed
Pricing methodology used to determine the price of the token in USD. By default, all price feeds on the DIA App are calculated with a MAIR methodology. This parameter is customisable.Learn more about methodologies.
Update frequency
120 seconds is the default update frequency. This parameter is customisable.Learn more about oracle updates.
Next update
24h Volume
The total volume captured by DIA across all the integrated sources.
Volume 24h
Trades 24h
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Token information

What is Gemini dollar (GUSD)?

Gemini dollar (GUSD) is a stablecoin cryptocurrency launched in 2018. It was founded by Gemini Trust Company, a digital asset exchange founded by the Winklevoss twins in 2014. GUSD is pegged to the US dollar and designed to offer stability and transparency in the cryptocurrency market. The name "Gemini" signifies the zodiac sign of the founders, representing their mission to bring trust and security to the industry. Overall, GUSD aims to provide a reliable and regulated digital currency alternative.

How does Gemini dollar work?

Gemini dollar (GUSD) is a stablecoin that operates on the Ethereum blockchain. As a stablecoin, its value is pegged to the US dollar, providing stability in an otherwise volatile cryptocurrency market.

The underlying technology behind Gemini dollar is similar to other stablecoins. It utilizes a decentralized model with blockchain-based smart contracts to ensure transparency and security. The smart contracts serve as the foundation for the creation, redemption, and management of GUSD tokens.

The blockchain used by Gemini dollar is Ethereum, one of the most well-established and widely adopted blockchain platforms. Ethereum's solidity programming language and smart contract functionality enable the implementation of the necessary rules and processes for the stablecoin.

The functioning of Gemini dollar involves a few key components. First, users can obtain GUSD tokens by depositing US dollars into an account at a regulated financial institution. These dollars are then held in reserve to ensure the 1:1 pegged value of GUSD to USD.

When a user wants to redeem their Gemini dollars for US dollars, they can do so by sending their GUSD tokens back to the platform. The platform will then initiate the transfer of the equivalent US dollars from the reserve account to the user's bank account.

To maintain transparency and accountability, Gemini dollar undergoes regular audits conducted by third-party accounting firms. These audits verify the existence and proper management of the reserve funds.

In summary, Gemini dollar utilizes the Ethereum blockchain and smart contracts to offer a stablecoin pegged to the US dollar. Through the creation and redemption process, users can convert their US dollars into GUSD tokens and vice versa, ensuring a reliable and transparent digital representation of traditional currency.

What are the benefits of Gemini dollar?

The Gemini dollar (GUSD) is a stablecoin that is pegged to the value of the U.S. dollar. It is issued by Gemini Trust Company, a regulated cryptocurrency exchange and custodian founded by the Winklevoss twins. Compared to its direct competitors, such as Tether (USDT) and USD Coin (USDC), the Gemini dollar offers several benefits.

Firstly, one of the key advantages of the Gemini dollar is its regulatory compliance. Gemini Trust Company is regulated by the New York State Department of Financial Services (NYDFS) and is subject to rigorous oversight and auditing. This provides users with a higher level of trust and reassurance compared to other stablecoins that may not have the same level of regulatory scrutiny.

Secondly, the Gemini dollar offers transparency. Gemini Trust Company publishes regular attestation reports that verify the amount of GUSD in circulation, ensuring that the supply is fully backed by U.S. dollars held in a bank. This enhances user confidence and reduces the risk of potential insolvency or insufficient reserves.

Another benefit of the Gemini dollar is its ease of use. GUSD can be seamlessly integrated into various blockchain platforms and applications, allowing for efficient and frictionless transfers of value. This makes it a reliable and accessible stablecoin for users who require stability and liquidity in their transactions.

Overall, the Gemini dollar distinguishes itself from its competitors through its regulatory compliance, transparent reserves, and user-friendly features. These benefits make it an attractive option for individuals and businesses seeking a stable and reliable digital currency for their financial transactions.

What is Gemini dollar used for?

Gemini Dollar (GUSD) is a stablecoin pegged to the US dollar at a 1:1 ratio. It is primarily used as a digital representation of the US dollar on the blockchain. Stablecoins like GUSD aim to provide stability and reduce volatility often associated with cryptocurrencies.

Gemini Dollar finds several use cases within the blockchain ecosystem. Firstly, it serves as a convenient medium for transferring value between different wallets or accounts on the blockchain. Users can send and receive GUSD quickly and at lower costs than traditional methods.

Secondly, GUSD can be used within decentralized finance (DeFi) applications. In DeFi, users can use GUSD as collateral to borrow other cryptocurrencies or earn interest by lending it out. By using stablecoins, users can avoid exposure to the price fluctuations seen in other cryptocurrencies.

One specific use case for Gemini Dollar is international remittances. Traditional cross-border transfers can be slow, expensive, and subject to various intermediaries. By utilizing GUSD, users can transfer funds internationally within seconds, with minimal fees and without the need for intermediaries. This enables individuals and businesses to send and receive money globally in a frictionless manner, opening up new possibilities for financial inclusion.

In summary, Gemini Dollar is primarily utilized as a stable digital asset that represents the US dollar on the blockchain. Its common use cases include value transfer, participation in decentralized finance, and international remittances. It provides users with a stable and efficient means of conducting transactions within the blockchain ecosystem.

What is DIA's Gemini dollar API?

DIA's Gemini dollar API is one of the many API endpoints offered by DIA. These API endpoints provide real-time price feeds for various crypto assets. DIA constructs its price feeds by sourcing raw data from over 85 on-chain and off-chain cryptocurrency and NFT exchanges, ensuring accurate and comprehensive information.

DIA offers both free and customisable API endpoints. The free API endpoints are available for developers to test, and they can be accessed on the asset's detail page on the DIA App. These endpoints follow a standardised format and are meant for informational purposes.

However, DIA's custom API feeds are where the real value lies. These feeds can be tailored according to specific requirements, including sources, methodologies, and update mechanisms. Users can request a custom feed by reaching out to DIA via Discord or Telegram.

The importance of the custom feeds cannot be overstated. They offer users the flexibility to customize the data they receive and ensure it aligns with their specific needs. This level of customization can be particularly beneficial for various use cases within the blockchain ecosystem.

Some potential DeFi applications include derivatives, options and futures, lending and borrowing markets, collateralised stablecoins, synthetic asset issuance, and money markets. On the other hand, potential NFTfi applications could include peer-to-pool NFT lending and borrowing, on-chain NFT derivatives, NFT renting, and NFT fractionalization.

In summary, DIA's Gemini dollar API is just one of the API endpoints offered by DIA, providing real-time price feeds for crypto assets. While free API endpoints are available for testing, the true power lies in DIA's custom feeds, which can be tailored to meet specific requirements. These custom feeds have diverse applications across DeFi and NFTfi use cases within the blockchain ecosystem.

What is DIA's Gemini dollar price oracle?

DIA's Gemini dollar price oracle is a smart contract that delivers real-time price feeds for various crypto assets. DIA sets itself apart by offering integration with over 35 layer 1 and layer 2 networks, allowing the deployment of price oracles across multiple blockchains. These price feeds are built using raw data from more than 85 on-chain and off-chain exchanges, encompassing billions of individual trades.

While DIA provides demo oracles for developers to test, these are strictly for testing purposes and cannot be integrated into production applications. However, for users seeking a custom configuration, DIA offers the option to build dedicated price feed oracles. These custom oracles can be tailored based on specific requirements such as sources, methodologies, and update mechanisms. To request a custom feed, users can reach out to DIA through Discord or Telegram.

The use cases for DIA's price oracles are vast within the blockchain ecosystem. They can be utilized in various DeFi applications such as derivatives, options and futures, lending and borrowing markets, collateralized stablecoins, synthetic asset issuance, money markets, and more. Additionally, DIA's oracles find relevance in NFTfi applications like peer-to-pool NFT lending and borrowing, on-chain NFT derivatives, NFT renting, NFT fractionalization, and more.

A blockchain oracle, in general, serves as an external information provider that verifies and supplies data from outside the blockchain to smart contracts. It acts as a bridge between the on-chain and off-chain worlds, enabling the integration of real-world data into blockchain-based applications.

Overall, DIA's custom oracles present a valuable option for users seeking tailored price oracle solutions, helping to meet their specific needs within the blockchain ecosystem.

Why use DIA's GUSD API & price oracle?

DIA's GUSD API and GUSD Price Oracle offer a range of benefits for users in the blockchain ecosystem. One of the main advantages is the high level of customisation available. Users can tailor each oracle and API endpoint to suit the specific needs of their decentralised applications. This includes configuring data sources, applying data cleaning filters and pricing methodologies, and determining the update mechanisms and frequency of the feed. This customisation ensures robustness and resilience to unique market conditions associated with chosen data sources, providing a tailored solution for every user.

Transparency is another major benefit of using DIA's API and Oracle feeds. They provide full and granular transparency across the entire data journey, giving users confidence in the accuracy and reliability of the price data. DIA also offers various tracking and monitoring tools to closely monitor the performance of its oracles and API feeds.

By leveraging DIA's technology, users gain access to accurate and reliable price data for cryptocurrencies and NFTs. This not only helps in making informed investment decisions but also enables the development of innovative applications within the blockchain ecosystem.

Overall, DIA's GUSD API and GUSD Price Oracle offer customisation, transparency, and reliability, empowering users to access and utilize precise price data for their blockchain applications.

Why use DIA data feeds and oracles?

DIA provides full insight on the oracle’s data journey as well monitoring tools to track feeds in real-time.
Oracles can be tailored to any use case in terms of data sources, methodologies and update mechanisms and much more.
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DIA provides price oracles for 3,000+ cryptocurrencies: from blue-chip tokens to long-tail assets.