![]() at best, months later the bank MIGHT make you right, but who knows. My thought it GUSD will lose value if Gemini goes down. That number grew to 8.05 in September, where it. Although Gemini Earn’s interest rates may be better than nothing, it’s worth noting that crypto interest accounts still pose a risk not only are your assets under the custody of another platform, they’re also uninsured. dollar cash deposits becomes subject to resolution or similar proceedings by the FDIC. Gemini appears to have launched GUSD on its Earn product in June 2021, beginning with an annual return of 7.4, the highest of any coins. Users can earn 2.05 APY on BTC and ETH and up to 7.40 for DAI and GUSD. dollar cash portion of these GUSD reserves, which may be held at Silvergate Bank, State Street Bank and Trust Company or Signature Bank, may be eligible for FDIC “pass through” insurance for Gemini customers in the event that the bank holding such U.S. ![]() Federal Deposit Insurance Corporation ("FDIC")-insured banks, (2) money market funds, invested only in U.S. Ethereum, GUSD or any of the 60+ coins available on Gemini. According to the information provided on Geminis website, GUSD (that is held in your Gemini account) is insured up to 250,000 per user - EDIT: as another commenter mentioned, the GUSD itself is not insured, but the GUSD in your account represent assets that ARE insured. dollar that is held by Gemini as one of the following types of assets: (1) deposits in U.S. With the Gemini Credit Card, you can earn rewards in bitcoin, ethereum or 40+ other cryptos. The Gemini dollar is a cryptographic token built on the Ethereum network according to the ERC-20 standard, and is strictly pegged 1:1 to the U.S. Is gusd even an algo driven stablecoin or is it completely controlled by a centralized authority (Gemini) I would assume GUSD and circles USDC are similar, the market cap of GUSD is only 200 million. ![]() ![]() In this Gemini review, we’ll look at the company’s services, verified third-party reviews, fees, and pricing. Im trying to determine exactly the level of risk of the Earn platform on GUSD. I read GUSD is backed and insured.this from Gemini's site: Red flag-Silvergate.Įach GUSD corresponds to a U.S. Are you afraid of scams in the crypto world Unfortunately, there are several crypto scammers that put your investments at risk. The customer’s GUSD in the Earn account is currently frozen. In the VERY unlikely event of Gemini running into trouble, ie bankruptcy. When enquiring about the FDIC status of the GUSD stablecoin held in his interest-bearing Gemini Earn account, Gemini’s customer support told one customer that his GUSD at other financial institutions was eligible for FDIC insurance. ![]()
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