Thanks for the concise and well-documented summary, Tyler! I think that Gemini’s compliance-first approach is likely to resonate well with the Compound community.
I think that with respect to the Compound protocol, GUSD occupies an unusual place in the stablecoin market today. On the one hand, it is one of the most highly regulated stablecoins and enjoys liquidity on most major DeFi platforms, as highlighted by Tyler. However, as of today, it would be the lowest market cap stablecoin on Compound (by about a factor of 5) if adopted.
I am in favor of adding GUSD in principle on the grounds that the protocol should endeavor to support high-quality stable assets with adequate liquidity, even if they are not the stablecoin-du-jour.
I think it would be helpful if Tyler or another Gemini team member could offer a brief, high-level overview of the protections in GUSD’s PrintLimiter.sol and LockRequestable.sol contracts. Among the risks Compound governance must weigh when considering new assets, the risk of an attacker exploiting an on- or off-chain mechanism to mint fraudulent stablecoins is among the most critical. What kinds of time delays are associated with raising the ceiling and printing new GUSD?