Home » Winklevoss Twins Receive Six Stablecoin Patents

Winklevoss Twins Receive Six Stablecoin Patents

Tyler and Cameron Winklevoss, co-founders of the New York-based crypto exchange Gemini, have received six stablecoin-related patents.
news - Winklevoss Twins Receive Six Stablecoin Patents

Tyler and Cameron Winklevoss, co-founders of the New York-based crypto exchange Gemini, have received six stablecoin-related patents. 

The patents describe a system similar to the stablecoin model that Tether (USDT) and Gemini Dollar (GUSD) are already using. The model gives users the ability to directly exchange fiat currency for its digital equivalent.The patent says that the system requires “trusted enterprises” responsible for issue, exchange and elimination of tokens, as well as for ensuring reserves in fiat currency in the ratio 1: 1. 

Besides Gemini exchange itself,  other types of trusted organizations (for example, banks, trusts, etc.) can also participate in the issue, administration, redemption and / or other management of stablecoin.

One of the patents granted on January 21 describes the tools by which organizations such as banks can quickly issue and send new tokens to users. Trusted organizations may also be allowed to charge a processing fee. 

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The patents also detail the means by which stablecoins can be used as collateral “in financial transactions performed using smart contracts.” Another patent assumes that dividends from securities and other similar instruments can be paid in stablecoin.

Given the technology applications described in the patents, the system may be licensed so that it can be used by banks and other financial institutions. It is not yet clear whether Gemini will use GUSD or other tokens based on the same technology.

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