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From that page: For GUSD in Earn, while the U.S. dollar reserves backing the GUSD tokens are eligible for FDIC insurance, the GUSD tokens themselves are not ins
by stickfigure 5y ago
From that page: For GUSD in Earn, while the U.S. dollar reserves backing the GUSD tokens are eligible for FDIC insurance, the GUSD tokens themselves are not insured, whether or not in Earn.
I'm not sure how to parse that, but it doesn't sound reassuring?
- notahacker 5y agoSeems the correct way to parse that is "the GUSD tokens themselves are not insured, whether or not in Earn". The first clause is deliberate obfuscation, and is basically the same as a random member of the public saying "if you give me cash and I put it in my account, that account's FDIC insured" in the hope that this makes him sound like a financial intemediary and not a guy that's really keen for you to give him cash.
- estro0182 5y agoIt means that Gemini is not responsible for the GUSD coins you purchased, but if you have 1 GUSD coin you can exchange it for 1 USD up to the FDIC limit.