The thing is, it says that GUSD is not backed by FDIC which was a red flag to me (despite saying their balance sheets saying they have enough USD to back GUSD). The motion is set for hearing on July 20th. It is an ERC-20 token operating on the Ethereum blockchain and was created and released by the Gemini cryptocurrency exchange owned by the Winklevoss twins. J(Friday) On June 29, 2023, Genesis filed a motion for approval of, among other things, the adequacy of information in its Disclosure Statement and the solicitation and the voting procedures with respect to Genesis’s Amended Plan. If you’d like to trade between cryptos on Gemini ActiveTrader, please take a look at our ActiveTrader article. Gemini says that the USD you deposit is FDIC backed, but then they require you to convert it 1:1 to GUSD to earn that 8 interest. The Gemini Dollar stablecoin (GUSD) is one of the latest stablecoins, and was released on September 10, 2018. Tyler Winklevoss is also an advisor at Rowing Blazers. Tyler Winklevoss is the co-founder and CEO at Gemini, as well as the president of WinkDex and the co-founder of Winkevoss Capital. You can place multiple orders if the quantity you’d like to convert is greater than the established limit. The founders of the Gemini Dollar (GUSD) are Tyler Winklevoss and Cameron Winklevoss. If you’d like to convert cryptos that are not listed above, you can place separate sell and buy orders for the assets you wish to exchange.
Once you review your order click “Confirm” to place the order.Enter the quantity you’d like to convert and click “Review Order”.Select the crypto you’d like to receive from the conversion under “To”.
Choose the crypto you’d like to convert from the “Market” tab.About 3 days for me to have funds converted back to USD from Earn. Currently moving most of the funds off the Exchange just leaving some to buy the dip on ETH. Had a small heart attack last night when Gemini was 'Temporarily Grounded' randomly. Sébastien Derivaux, MakerDAO's asset-liability lead, told Decrypt that those funds "have no link with Gemini Earn.How to Convert Crypto on the Web Interface: EDIT 2: All GUSD has been transferred from Gemini Earn to Gemini exchange this morning. 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. 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. 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. So if u wanna enjoy near 3 digit yield before it get arb, have fun! /Z5ay54PYeg
Gemini, one of the world’s leading cryptocurrency exchanges and founded by the infamous Winklevoss twins, recently unveiled its Gemini Earn product, enabling crypto investors to earn interest on their digital assets in the same way as fiat currencies. I personally think there's zero issue with it with my current knowledge. Gemini Exchange’s Earn product has confirmed support for the GUSD stablecoin, with owners of GUSD able to earn 7.4 annual interest. All you need to do is signup for an account, complete KYC, deposit Gemini Dollar, and interest accruals will begin almost immediately. The process of earning is straightforward on BlockFi. GUSD cannot be used as collateral on Aave. With BlockFi, you can earn interest up to 7.25 APY on your Gemini Dollars.
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