With Digital Currency Group's Genesis crypto lending unit said to be on the brink of a bankruptcy filing, a group of folks reassessed the risk associated with one stablecoin in the mix: the U.S. dollar-pegged Gemini Dollar.
Yes, but:
It's a big "IF" whether a GUSD holder might qualify for pass-through insurance, according to Steven Kelly, senior research associate at the Yale Program on Financial Stability. It would be at the discretion of the FDIC to apply "pass-through," and so far they haven't been keen, in part due to the rash of crypto firms'GUSD isn't used very much besides on the Gemini platform and MakerDAO, which makes it highly illiquid relative to other dollar-pegged stablecoins.
"The worst case scenario would involve troubles at Gemini that cause a delay in redemptions," according to Kaiko Research's Riyad Carey.In the event that illiquidity prompts fear, GUSD could temporarily deviate from its peg. MakerDAO appears to be taking that risk for the 1.25% yield.
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