Gemini Shifts GUSD to Corporate Treasury

This shift turns GUSD from a failed consumer wallet feature into a balance sheet product for institutions. Gemini never won meaningful retail scale, with just 523,000 monthly transacting accounts and flat retail volume in H1 2025, but it already has the trust structure, custody setup, and reserve design that banks, funds, and corporates care about when they need to park dollars, settle block trades instantly, or move cash outside banking hours.

• Retail stablecoin use needs broad distribution and deep liquidity, which GUSD never built. Circle scaled USDC into a dedicated payments and treasury platform and reached an estimated $1.68B of 2024 revenue, while Gemini remained an exchange whose GUSD reserve income was only 7.7% of revenue and about $2M annually.
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• The better fit for GUSD is a narrower buyer that values legal structure over ubiquity. Gemini issues GUSD through a New York trust company, keeps reserves 1 to 1 in cash, government money market funds, and short term Treasuries, and publishes third party reserve attestations. That matters more to a corporate treasury team than a retail trader chasing yield.
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• The product workflow also lines up with B2B payments. Businesses adopting stablecoins usually want a hybrid stack, on ramp, off ramp, third party payouts, and large corporate payments, because they are replacing slow SWIFT transfers and messy treasury movement, not trying to hold a token in a consumer app.
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The next step is for GUSD to become settlement infrastructure attached to Gemini custody and trading, not a mass market coin. If regulation keeps favoring fully reserved, supervised issuers, Gemini can sell GUSD as the safest dollar rail for institutions that want fewer counterparties, cleaner compliance, and yield on reserve float.