Comparison · 2026 edition
Gemini (GUSD) vs Tether (USDT): stablecoin issuers compared 2026.
Gemini (GUSD) and Tether (USDT) side by side in the Stablecoin Issuers Index 2026: scores, evidence, published facts and awards.
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Gemini (GUSD) and Tether (USDT) side by side in the Stablecoin Issuers Index 2026: scores, evidence, published facts and awards.
In the Stablecoin Issuers Index, Tether (USDT) scores higher overall: 3.5 out of 5 (71 out of 100) against 3.1 (63), ranking 3 and 5 of 11. Tether (USDT) also scores higher in every segment.
Overall and segment scores out of 100, and the score out of 5.
| Score | Gemini (GUSD) | Tether (USDT) |
|---|---|---|
| Score out of 5 | 3.1 | 3.5 |
| Score out of 100 | 63 | 71 |
| Overall rank | 5 of 11 | 3 of 11 |
| For payment and e-money firms (out of 100) | 65, rank 4 | 73, rank 3 |
| For exchanges and brokers (out of 100) | 58, rank 6 | 73, rank 2 |
| For corporate treasuries (out of 100) | 67, rank 4 | 68, rank 3 |
| Type | Dollar stablecoin issuer | Dollar stablecoin issuer |
Each score with the evidence behind it.
| Criterion | Gemini (GUSD) | Tether (USDT) |
|---|---|---|
| Reserves | 4/5 Monthly reserve attestations with reserve banks named. | 2/5 Quarterly reserve reports; reserves include gold and secured loans as well as Treasuries. |
| Independent assurance | 4/5 Monthly attestations by BPM LLP plus a random-day examination each month. | 4/5 Quarterly attestations by BDO and an audit of 2025 financial statements by KPMG. |
| Regulatory standing | 3/5 NYDFS regulation stated; one regulator, no licence number. | 3/5 One issuer authorisation, in El Salvador; no licence number on the pages read. |
| Redemption | 3/5 Redemption on Gemini at any time stated; no timing or minimum. | 4/5 Direct redemption for verified accounts with a published $100,000 minimum; timing stated only as several days for some withdrawals. |
| Published fees | 4/5 Zero conversion fees for GUSD and US dollars published on the fee schedule. | 5/5 Full mint, redemption and verification fees published. |
| Currencies and networks | 1/5 One network and one currency. | 4/5 14 named networks; one active fiat currency. |
Each criterion is scored 0 to 5 against the best published offer in the Stablecoin Issuers Index. 0 means not offered or not published. How it is scored
What each provider publishes on its own pages, read on 26 October 2026.
| Fact | Gemini (GUSD) | Tether (USDT) |
|---|---|---|
| Reserves | Reserves held as deposits in FDIC-insured banks and money market funds "invested only in U.S. Treasury obligations"; cash portion "may be held at State Street Bank and Trust Company, Goldman Sachs, or Fidelity" and may be eligible for FDIC pass-through insurance. | Transparency page: tokens "backed 100% by Tether's Reserves"; circulation "typically published daily". Q2 2026 report: reserves "centered on short-duration, high-quality liquid assets", reserves exceeded liabilities by about $4.11 billion, secured lending exposure reduced by about $2.38 billion, gold holdings above 146 tons. |
| Independent assurance | "Attestations of GUSD's reserves are published monthly by an independent registered accounting firm, BPM LLP. In addition to these monthly attestations, BPM LLP conducts attestation examinations on one randomly-selected business day each month." | Q2 2026 attestation "prepared by BDO, a top-five global independent accounting firm" (published 31 July 2026). 13 August 2026: "KPMG U.S. issues unqualified audit opinion on Tether's 2025 financial statements." |
| Regulatory standing | "GUSD has been fully regulated by the New York State Department of Financial Services (NYDFS) since 2018." No licence number on the page. | Terms: "Tether has obtained authorisation as a Stablecoin Issuer and Digital Assets Service Provider under the El Salvador Regulations for Issuance of Stablecoin Public Offerings", supervised by the National Commission of Digital Assets. Issuer: Tether International, S.A. de C.V. |
| Redemption | "Gemini customers can always redeem 1 GUSD for $1 on Gemini at any time." Redemption time and minimum not published. | Fees page: "Minimum Tether Token acquisition or redemption amount 100,000 USD". Verified accounts only; Tether "maintains the sole discretion to approve or not approve accounts". "Withdrawal requests for digital tokens held by Tether are evaluated per request and can take several days to process." |
| Published fees | API fee schedule: GUSD/USD and USDC/GUSD pairs at 0.00% maker and taker fees in the lowest tier. GUSD page: convert USD to GUSD "fee-free" in the app. | Fees page: redemption fee "The greater of $1,000 or 0.1%"; acquisition fee "0.1%"; verification fee "150 USD in Tether Tokens", non-refundable. |
| Currencies and networks | "GUSD is an Ethereum-based ERC-20 token." One currency: US dollar. | Supported protocols page lists Ethereum, Avalanche, BNB Smart Chain, Cosmos (via Kava), Celo, Kaia, Tron, Liquid, Solana, Polkadot AssetHub, Tezos, Near, Ton and Aptos. Redemption of CNH₮ ends 20 February 2027; EUR₮ wound down. |
| Date read | 26 October 2026 | 26 October 2026 |
Not published or not stated by Gemini (GUSD): redemption.
Not published or not stated by Tether (USDT): nothing in this profile is marked as not published or not stated.
Facts read on 26 October 2026 from: gemini.com/dollar, gemini.com/fees/api-fee-schedule; and tether.to/en/transparency, tether.to/en/fees, tether.to/en/legal, tether.to/en/supported-protocols, tether.io/news/…, tether.io/news/….
Awards follow from the published scores and cannot be bought.
No award in this index.
From each provider's strongest criteria and published terms.
Firms already on Gemini wanting fee-free conversion and named reserve banks.
Exchanges and large traders needing the most widely held dollar stablecoin.
Tell us what you need and where you operate.