Cameron: CryptoCann Report: Winklevoss Twins introduce USD-backed stablecoin; Marijuana ETF reaches billion-

The Crypto ReportThe Winklevoss twins, founders of the cryptocurrency exchange Gemini, are famous faces in the world of crypto.Brothers Cameron and Tyler Winklevoss have had their proposal of a Bitcoin exchange-traded fund denied by the US Securities and Exchange Commission multiple times, but their creative energy is still flowing.The brothers have announced the launch of the Gemini dollar, a US dollar-linked Ethereum token. This type of cryptocurrency is known as a stablecoin, or a digital currency that is pegged to stable assets like gold or fiat currency.WATCH: PlayNetwork uses toys to bring blockchain to the masses"The Gemini dollar (ticker symbol: GUSD) combines the creditworthiness and price stability of the U.S. dollar with blockchain technology and the oversight of US regulators, namely, the New York State Department of Financial Services (NYDFS)," said Cameron Winklevoss in the announcement.The Gemini dollar is hoping to unseat cryptocurrency Tether as the king of the stablecoin by touting itself as "the world's first regulated stablecoin."Institutional investors have been hesitant to jump into the cryptocurrency pool, but US bank Citigroup Inc's (NYSE:C) new product may ease them into the water.The multinational bank is developing a reimagined version of American Depository Receipts, or a type of security that allows investors to own shares of foreign companies not listed on US exchanges, as per a Business Insider report.Investors will now have the opportunity to invest in cryptocurrency without owning digital assets directly.Hesitant investors have had reason for concern from volatile pricing to unregulated exchanges. Scandals involving fraudulent initial coin offerings and hackers abound have contributed to the cryptocurrency space's somewhat notorious reputation.READ: CryptoCann Report: Goldman Sachs CFO clarifies crypto plans; Canndescent closes US$13mln funding to move into new marketsRiot Blockchain Inc's (NASDAQ:RIOT) executives did the crypto world's reputation no favors when the biotech-turned-blockchain company former CEO was accused of securities fraud.Following an investigation, the SEC charged 10 individuals and their associated organizations with participating in fraudulent schemes being run out of South Florida that generated as much as US$27mln.The group is accused of manipulating the share prices of stocks in three unidentified companies by buying up large quantities of shares at a discount, promoting the stocks and then dumping them into the market for profit.Riot Blockchain was not accused by the SEC of wrongdoing.The Cann ReportThe cannabis market has shifted into high gear ahead of the upcoming legalization in Canada this October.The Horizons Marijuana Life Sciences Index exchange-traded fund has reached C$1bn in assets under management, according to its press release.Launched in April 2017, the index ETF closely mirrors the North American Marijuana Index, which includes publicly-listed companies in North America with business activities in the cannabis market."While there are clearly leaders in the marijuana equity sector, nobody knows for sure which companies will truly be successful over the long term or even be swallowed-up. HMMJ's one-ticket, diversified investment solution has become very popular with investors looking to get broader exposure to the sector while mitigating single-stock risk without being subject to any active management bias," said Horizons ETFs CEO Steve Hawkins in the company's press release.The ETF has seen strong returns, returning 78.5% on an annualized basis.In other cannabis news, Aurora Cannabis Inc (TSX:ACB, OTCMKTS:ACBFF) recently announced the acquisition of ICC Labs Inc, a South American medical cannabis provider.The company is a fully licensed producer and distributor of medicinal cannabinoid extracts, recreational cannabis and industrial hemp products in Uruguay, the first country to legalize recreational cannabis back in 2013. It also has licenses to produce medical cannabis in Columbia."ICC is an ideal partner for Aurora to establish leadership in the South American cannabis market, delivering clear first mover advantage on a continent with over 420mln people," said Aurora CEO Terry Booth in the company's press release.The deal was valued at C$295mln, or C$1.95 per share.