Gemini Dollar (GUSD) Review

Gemini Dollar (GUSD) scores 9.4 out of 10 in our stablecoin ratings, first of the ten coins rated. Every mark was rechecked on 1 November 2026 against Gemini's GUSD page, its user agreement, the September 2026 reserves report examined by accounting firm BPM LLP and the New York State Department of Financial Services (NYDFS) approval, and none has moved. The one place it falls short of full marks is access: only Gemini customers can redeem with the issuer. The basis is desk research; we did not buy or redeem GUSD.

How GUSD scores in stablecoins

The category uses five criteria, each marked 0 to 10 and each worth one fifth of the total, as set out in our ratings methodology.

The arithmetic is a plain average: (10 + 10 + 9 + 9 + 9) / 5 = 47 / 5 = 9.4. No criterion is weighted more than another and no penalty is applied. No mark changed in this recheck.

Strongest criteria: the reserve report and the regulator

Reserve transparency (10)

The September 2026 reserves report shows why this is the only 10 on transparency in the category besides USDC. BPM LLP examined management's assertion under American Institute of CPAs (AICPA) attestation standards, which give reasonable assurance, not the lighter limited assurance some issuers use. It did so for two dates: 30 September and 9 September 2026, the second being the randomly chosen business day Gemini describes on its GUSD page. A date the issuer cannot pick in advance is harder to prepare for. The report gives 38,378,754.40 GUSD in circulation on 30 September against a reserve of US$39,246,582.59 in cash deposits, before settlement adjustments. Gemini's page links a report for each month from May to September 2026.

Regulatory oversight (10)

The issuer is a named, chartered entity under a named supervisor. NYDFS authorized Gemini Trust Company to issue GUSD on 10 September 2018, with conditions on full convertibility, anti-money-laundering controls and examination. BPM's report tests compliance with the reserve rules in NYDFS's June 2022 stablecoin guidance, so the monthly check is tied to the regulator's own requirements rather than to criteria the issuer set for itself.

Where it falls short of 10

Redemption rights (9)

Gemini says customers "can always redeem 1 GUSD for $1 on Gemini at any time", and its user agreement defines timely redemption as no more than one full business day. The limit is who qualifies: the agreement says "only Gemini Customers" can convert between GUSD and dollars with Gemini. A holder without an account, or with a restricted one, exits by selling on a market. This is the same customer-only model that earns USDP its 9.

Custody and segregation (9)

Under the NYDFS guidance quoted in the report, reserve assets must be segregated from the issuer's own assets and held for the benefit of holders at insured banks or approved custodians, and Gemini's 10-Q for the quarter to 30 June 2026 describes GUSD cash as restricted deposits. The mark stops at 9 for a disclosure mismatch. The GUSD page still says the cash "may be held at" State Street, Goldman Sachs or Fidelity, while the September report says the reserve is held as cash deposits at State Street and Western Alliance Bank. The report is the dated, examined document, so we treat it as current.

Backing model clarity (9)

The page states plainly what backs GUSD, and the April 2023 Gemini blog confirms that Treasury holdings are bills of three months or less. The one gap is that the page describes three permitted asset types while the latest report shows only cash, so a reader needs the monthly report to see the current mix.

What the score does not cover

• Size and liquidity. GUSD is small, at about 38.4 million tokens on 30 September 2026. Market depth is not scored.
• Peg history. Not a criterion in this category.
• Network reach. Gemini issues GUSD on Ethereum only; chain coverage is not scored.
• Contract controls. Gemini's user agreement allows tokens tied to a conduct violation to be frozen; contract powers are outside this rubric.

For checks the score leaves out, see our guide on how to assess a stablecoin.

GUSD vs Ripple USD and USD Coin

Two useful comparisons are USD Coin (USDC), second at 9.0, and Ripple USD (RLUSD), one of three coins tied on 8.8.

GUSD's lead over both comes mostly from redemption, where it scores two points higher, plus one point over RLUSD on transparency. All three score 10 on oversight and are level on custody and backing clarity, and GUSD and USDC share the top transparency mark.

Who the score suits

The rating fits readers who rank documented reserves and a named state regulator above size or multi-chain reach, and who have, or will open, a Gemini account so the redemption right applies to them. It says little about how easily GUSD trades away from Gemini. This is an assessment of published documents, not a recommendation to hold GUSD.