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Gemini Dollar (GUSD) Project Update
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Biggest Stories of 2025
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Gemini's 2025 Year in Review highlighted significant growth, including the launch of various card versions for U.S. customers, a self-custody wallet, and European expansion with zero-fee tokenized equities and high-leverage crypto derivatives. A major milestone was Gemini becoming a publicly traded company, alongside securing AUSTRAC registration in Australia and MiCA and MiFID II licenses in the EU (December 23, 2025) 9.
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Gemini Predictions™ launched new sports and politics contracts, expanding its offerings shortly after its platform debut, with markets for NFL awards and 2026 U.S. congressional elections. The platform operates under a CFTC Designated Contract Market license via Gemini Titan for U.S. customers (December 23, 2025) 7.
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Gemini launched a Premium Black Card, rewards, and expanded offerings, reflecting its evolution toward a comprehensive financial platform with products spanning ActiveTrader, Clearing, Credit Card, Predictions, Custody, Perpetuals, Exchange, and Gemini Dollar (December 22, 2025) 5.
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Gemini announced it would custody Volcon's Bitcoin treasury, further strengthening its institutional custody services and reinforcing its position in corporate treasury solutions (December 22, 2025) 10.
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Hyperliquid (HYPE) became available on Gemini for buying, selling, and storing via HyperEVM. Hyperliquid is an EVM-native layer-1 blockchain and decentralized exchange focused primarily on derivatives trading (December 19, 2025) 11.
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Gemini published a Trader's Corner piece on the Gemini Bond Fund, showcasing its multi-asset platform approach and institutional-grade offerings (December 18, 2025) 6.
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Gemini's Global Platform for Crypto Custody was highlighted, emphasizing institutional custody solutions including Solana ETF custody and enterprise-focused insights (December 15, 2025) 12.
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Gemini Predictions™ went live for U.S. customers via affiliate Gemini Titan, following receipt of a Designated Contract Market (DCM) license from the CFTC. The platform offers event contracts on future events, with fee-free trading during an introductory period (December 15, 2025) 8.
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Gemini provided custody for the landmark VanEck Solana ETF, marking a significant institutional custody milestone (December 3, 2025) 13.
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Gemini announced several platform updates via X (Twitter), including the availability of USDG, a Q&A with DAiM's Bryan Courchesne on the future of crypto in wealth management, the introduction of the Gemini American Business Card offering unlimited 1.5% crypto rewards, and enhanced privacy through support for Zcash's Orchard security protocol (December 3, 2025) 14.
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Gemini introduced combined USD and USD stablecoin order books, unifying GUSD, RLUSD, and USDC into a single streamlined trading experience to enhance liquidity and tighten spreads (November 20, 2025) 2.
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Gemini launched the Gemini Wallet Beta, offering a new way to trade as part of its broader financial super app strategy (November 1, 2025) 15.
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Gemini introduced combined USD and GUSD order books, allowing traders to place orders in both fiat and stablecoin within a unified platform to improve liquidity and efficiency (November 4, 2025) 16.
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Gemini delisted several perpetual contracts including BOME/GUSD, DOT/GUSD, GOAT/GUSD, MOODENG/GUSD, PNUT/GUSD, and PYTH/GUSD from its derivatives platform, with trading ceasing on May 2, 2025. The delisting was part of ongoing platform adjustments to optimize its derivatives product suite (April 17, 2025) 17181920+3.
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Gemini Derivatives launched two new index perpetual contracts: the Top 5 Index (KT5GUSDPERP) and the Layer 2 Index (KSL2GUSDPERP), both denominated in Gemini Dollars (GUSD) with up to 100x leverage. These contracts allow traders to gain exposure to curated baskets of crypto assets developed by Kaiko (January 15, 2025) 24.
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Gemini Derivatives announced the listing of the TRUMP/GUSD perpetual contract, enabling eligible users in select global jurisdictions to trade it with up to 100x leverage, joining existing contracts like BTC/GUSD and ETH/GUSD (January 21, 2025) 25.
Gemini Profile
Gemini Profile
Founded in 2018, the Gemini Dollar (GUSD) a fiat-collateralized cryptocurrency stabilized by collateralization by USD in accounts held by the company at the U.S. depository institutions. GUSD was created by Gemini Trust Company, LLC (Gemini), a New York trust company. Gemini operates under the direct supervision and regulatory authority of the New York State Department of Financial Services and is subject to the New York Banking Law and other applicable U.S. laws and regulations. Gemini maintains the necessary licenses and registrations to lawfully issue Gemini dollars.
The specifications of the Gemini dollar require a network that allows for the development of decentralized applications (including smart contracts) that may be used to store and transfer value according to certain conditions set by the developer. The Gemini dollar can be transferred on the Ethereum network and stored in any Ethereum address.
Gemini has the ability to upgrade the Gemini dollar token in order to resolve vulnerabilities, extend the system with new features, and improve the system and optimize its operational efficiency. Furthermore, in order to comply with regulations, Gemini can pause, block, or reverse token transfers in response to a security incident or if legally obligated or compelled to do so by a court of law or other governmental bodies.
To ensure that trustworthiness and stability are maintained, an offline approval mechanism is used where each smart contract in the Gemini dollar system is required to look to a custodian for approval. To upgrade the contract, the current instance of ‘Impl’ is replaced by instructing ‘Proxy’ (via ‘Custodian’) to delegate active token implementation to a new instance of ‘Impl,’ and instructing ‘Store’ (via ‘Custodian’) to treat this new instance of ‘Impl’ as its single trusted source when accepting updates to the Gemini dollar ledger.