I am curious to learn how the Gemini Dollar (GUSD) might affect the Ethereum mainchain. This article by Cameron Winklevoss  reads “… you will be able to convert U.S. dollars in your Gemini account into Gemini dollars and withdraw them to an Ethereum address you specify”.
I have looked at the GUSD token contract on etherscan . Activity seems quiet at present (63 transfers between 28 holders). It seems that there are 100, 000 GUSDs issued at present .
I do not understand how this actually works. For example:
- Does GUSD just share the Ethereum address space?
- If GUSD takes off from a transaction throughput perspective, will calls to the GUSD token contract be “zero ETH transactions”? I see that the smart contract’s code is available at etherscan .
- Will this activity choke the network like we have seen in the past?
More questions than answers here Any information will be appreciated.