10/23/2023 0 Comments Gemini earn gusd![]() GUSD is audited on a monthly basis by BPM, a private and independent accounting firm that ensures there is parity between the amount of USD in reserve and the amount of GUSD in circulation. Overall, Gemini Trust makes use of a centralized system that helps protect against security threats, giving the Gemini dollar key regulatory advantages over many of its competitors. dollar cash deposits becomes subject to resolution or similar proceedings by the FDIC. dollar cash portion of these GUSD reserves, which may be held at State Street Bank and Trust Company, Goldman Sachs, or Fidelity 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. dollar that is held by Gemini as one of the following types of assets: (1) deposits in accounts at U.S. Notably, Gemini was the first exchange to apply for and be designated as a New York Trust Company. Gemini has proactively developed its relationship with legal and regulatory bodies in order to foster trust between the traditional financial system and blockchain community. It is subject to New York banking laws and the regulatory authority of the New York State Department of Financial Services (NYDFS). Gemini secured a New York state charter in 2015, and was one of the first cryptocurrency exchanges to become fully regulated in the United States. Superior Regulatory Requirements: How GUSD Is Regulated ![]() Released on September 10, 2018, GUSD is an ERC-20 token that can be stored in any digital wallet that accepts Ethereum tokens. The Gemini dollar was designed to provide a transparent and regulatory compliant connection between traditional financial systems, which are based on fiat currencies, and the ever-growing blockchain industry. These stablecoins maintain value by holding one USD in reserve for each stablecoin issued. The most commonly used stablecoins are those pegged one-to-one with the U.S. Some rely on advanced computation, while others peg (or bind) their value to an underlying asset such as gold or fiat currency (e.g., the Euro or the U.S. Stablecoins achieve price stability in a variety of ways. In contrast to bitcoin (BTC) and other traditional cryptocurrencies, which tend to display extreme price fluctuations, a stablecoin is a cryptocurrency built to maintain a steady value. (Hoping I'm right, but.GUSD as a Transparent Alternative to Earlier Fiat-Backed Stablecoins So my *sense* here is anyone trying to withdraw their cash via ACH to their bank *should* be fine, but I feel there's ambiguity here. Your crypto will be transferred to your Trading Balance when the redemption is complete and can be used for trading, to sell for fiat currency, or to withdraw to an external crypto wallet or exchange. Gemini's How do I "Redeem" on Earn? page states: When you redeem your Earn holdings, you are calling back your loan and will stop earning interest on your crypto. Your trading balances are not impacted by the pausing of the Earn program. Our announcement regarding Earn does not impact any other non-Earn Gemini products and services. This does not affect Gemini's trading platform, based on an email I sent support:. ![]() Genesis will not be able to complete redemptions (converting Earn crypto to whatever).Genesis has paused withdrawals (taking money out).So I understand correctly - based on the email they sent, Gemini states: You can read more here.Onward and Upward. All customer funds held on Gemini exchange are held 1:1 and available for withdrawal at any time. Gemini is a full-reserve exchange and custodian. ![]() This does not impact any other Gemini products and services. We will continue to work with them on behalf of all Earn customers. We are disappointed that the Earn program SLA will not be met, but we are encouraged by Genesis’ and its parent company Digital Currency Group’s commitment to doing everything in their power to fulfill their obligations to customers under the Earn program. The past week has been an incredibly challenging and stressful time for our industry. We will provide more information in the coming days. We are working with the Genesis team to help customers redeem their funds from the Earn program as quickly as possible. "We are aware that Genesis Global Capital, LLC (Genesis) - the lending partner of the Earn program - has paused withdrawals and will not be able to meet customer redemptions within the service-level agreement (SLA) of 5 business days. I am now doubly screwed after BlockFi paused withdrawals as well.
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