- This topic has 29 replies, 2 voices, and was last updated 8 months ago by sowtime444.
- Friday, April 1st, 2022 at 06:27 #206496JonksPNWParticipant
The Gemini dollar (GUSD) is a crypto stablecoin pegged to and backed by US dollars held in FDIC-insured bank accounts. The funds held in reserves are routinely audited by the accounting firm, BPM LLP.
GUSD was created by crypto exchange Gemini, which was founded by Cameron and Tyler Winklevoss in 2014 (Suck it Zuck!). Gemini received approval from the New York Department of Financial Services (NYDFS) to launch its stablecoin in 2018. The company has claimed that GUSD is the first regulated stablecoin, though Paxos also launched a NYDFS regulated stablecoin the same day. The Gemini Trust Company LLC holds USD deposits that correspond to the number of tokens in circulation.
The Gemini dollar is an ERC20 crypto token built atop the Ethereum network, and its smart contracts are audited by security company Trail of Bits Inc.
All that said, I’ve been thinking about moving a significant amount of my fiat savings into GUSD since it is just sitting there getting 0.03% or whatever APY. Meanwhile those dirty little investment banker-sluts use it to leverage the investment portfolios of their rich clients. My only hesitation in moving it out is this: “Is it really safe, like safe-safe?”
I’ve done a fair amount of research about finding a non-bank alternative to put my non-crypto liquid cash/fiat emergency fund savings and this seems to be a nice balance between the fiat and crypto worlds. It’s crypto, it is insured, regulated, and there are currently no fees so I can buy 10,000 GUSD for $10,000 and get an 8% APY. Obviously this rate won’t last forever, but while it exists I wouldn’t mind taking advantage of it.
And also is this the best alternative for savings with this kind of security and peace of mind.
Am I missing anything?Friday, April 1st, 2022 at 06:27 #206511Ubikwedus
All they need is a metal debit card and some cash back rewards. Their UI looks nice.Friday, April 1st, 2022 at 06:27 #206525sowtime444
Do you hold the private keys?Friday, April 1st, 2022 at 06:27 #206524oarabbus
Anchor protocol UST offers 19%, that’s who you should
Be skeptical of vs Gemini 8%Friday, April 1st, 2022 at 06:27 #206523orbofdeception
winklebros are safuFriday, April 1st, 2022 at 06:27 #206522ObsessiveFarkler
If you are looking for stablecoins, why not UST in anchor protocol offering 19.5%?Friday, April 1st, 2022 at 06:27 #206521HeinousHaggis
Hodlnaut is also offering 12% on USDC and USDT just offering another option. I’d probably feel just a slight bit safer on Gemini if it was money I couldn’t afford to lose but FWIW I’ve been using both of them with no issue for sometime now.Friday, April 1st, 2022 at 06:27 #206520Rhino8696
8% really isn’t a lot in crypto. Nothing to be worried about.Friday, April 1st, 2022 at 06:27 #206519jaydickchest
Look at Haru, they use tether (ew) but give 8-15% or so depending on a lockup period you get to setFriday, April 1st, 2022 at 06:27 #206518EvErYLeGaLvOtE
I thought it was 8.05% APY?Friday, April 1st, 2022 at 06:27 #206517Digitaljehw
yeah its legit, i moved over to anchor though for 2.5x more.Friday, April 1st, 2022 at 06:27 #206516qwertyWarrior77
So they hold USD in a bank account and earn very little on that same initial fund and still enable those same bankers at a 1 to 1 ration BUT are giving you 8% APY ? How would be my first question.Friday, April 1st, 2022 at 06:27 #206515Wubbywub
lmao “investment banker-sluts”
but anyway why not consider celsius?Friday, April 1st, 2022 at 06:27 #206514dudhhdhxhh
If you’re a us citizen check out the ibond it pays over 7% risk free. Limit is $10kFriday, April 1st, 2022 at 06:27 #206513Ubikwedus
Is it better than usdc?Friday, April 1st, 2022 at 06:27 #206512skdesign808
I’ve been using GUSD as my savings account for a year now. No issues so far. Much better APY than the shitty banks.Friday, April 1st, 2022 at 06:27 #206510Wonzky
That rate is pretty on par with most other major lending platforms right nowFriday, April 1st, 2022 at 06:27 #206509TrippyCoin_Hodler23
If this is legit I will be buyingFriday, April 1st, 2022 at 06:27 #206508BigLongFootDoctor
Sounds like you’ve already made up your mind and just looking for confirmation bias.Friday, April 1st, 2022 at 06:27 #206507Psylux707
It’s not insured. The counterparty is Genesis. Gemini is the middleman. If Genesis goes belly up you will lose it or a significant chuck of it as it goes through the bankruptcy process. How risky is Genesis as a counterparty? Your guess is as good as mine. They seem legit and to be applying modern risk management measures but we’ll never know unless they mess up very badlyFriday, April 1st, 2022 at 06:27 #206506Aromatic-Ad-2095
I’m no expert, but I believe you are incorrect about it being insured. I think it is in the TOS that if the borrower defaults on the loan, you could lose all of it
Edit: so is that likely to happen? Probably not, they probably lend to reputable institutions, but it theoretically could happenFriday, April 1st, 2022 at 06:27 #206505RandomTask100
Gemini is the CEX that hasn’t screwed me over yet. I love ’em. I recommend using a Ubikey or Ledger Nano (the Fido app works as a 2FA) for logging in. The risk of keeping all your dough on Gemini is that someone could hack your account and steal your dough. Minimize that risk as much as possible.Friday, April 1st, 2022 at 06:27 #206504Ateam043
I been on Gemini for a year now and have some of my fiat in their Earn program getting the 8%. No issues .Friday, April 1st, 2022 at 06:27 #206503The-Francois8
I’ve got a big chunk in GUSD earn myself.
Every couple of weeks I move the interest into BTC or ETH.Friday, April 1st, 2022 at 06:27 #206502Infamous_Ad_4648
You should check closer on the insured part. That’s true if you are just holding GUSD. That’s no longer the case when you put it in Earn so there is some risk involved.
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