![]() ![]() The name behind Gemini being Tyler Winklevoss and Cameron Winklevoss will tell you the rest in terms of reputation. Sébastien Derivaux, MakerDAO's asset-liability lead, told Decrypt that those funds "have no link with Gemini Earn. James SeptemThe exciting news doing the rounds is that Gemini customers are now earning interest on more than 3 billion in loans that originated through Gemini Earn. MakerDAO's GUSD supply accounts for roughly two-thirds of the stablecoin's $678 million market cap, which experienced a sharp drop on Wednesday morning's news. By Cryptopedia Staff Updated Ma 3 min read Summary Here, we describe the Gemini Dollar (GUSD) and discuss how GUSD differs from other stablecoins. dollar-backed stablecoins to gain approval from a U.S. GUSD's market cap blew past its recent all-time high market cap of $410 million last month when it signed an agreement with MakerDAO to offer the protocol 1.25% rewards on staked GUSD.Īs of Wednesday morning, MakerDAO had $435 million worth of GUSD on its platform-a more than 10x increase from October. The Gemini Dollar (GUSD) is among the first U.S. Genesis suspended client withdrawals from its lending arm early Wednesday morning, citing "FTX impact." FTX Group, which includes Sam Bankman-Fried's crypto exchanges FTX.com, FTX US and trading desk Alameda Research, filed for bankruptcy on Friday.įor stablecoins, supply tends to track closely with their market capitalization since the tokens are created when investors buy them and destroyed when they're redeemed. Gemini published a blog post on Wednesday morning explaining their pause on Gemini Earn news was a knock-on effect from Genesis Capital. The Gemini Dollar, the exchange's dollar-pegged stablecoin, was launched in September 2018. ![]() Gemini was founded by billionaire brothers Tyler and Cameron Winklevoss in 2014. A common risk is when using GUSD for the Gemini earn program, where users will earn daily earn. This only means that in case of a bank run on Gemini (risk 1), where everyone tries to redeem their. The TL DR is: As a stablecoin, GUSD is prudently backed 1:1 in cash and relatively liquid treasuries, as attested in the monthly reports from BPM available on Gemini’s website. Im trying to determine exactly the level of risk of the Earn platform on GUSD. Marc Zeller □ □ □□ November 16, 2022 Gemini is adding a new service called Earn that lets clients move their holdings in bitcoin and other cryptocurrencies into interest-bearing accounts. This has been discussed to death for months on this sub. So if u wanna enjoy near 3 digit yield before it get arb, have fun! /Z5ay54PYeg ![]() I personally think there's zero issue with it with my current knowledge. GUSD cannot be used as collateral on Aave. ![]()
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