{"id":563146,"date":"2023-03-13T20:30:00","date_gmt":"2023-03-13T17:30:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/gemini-says-no-funds-at-signature-bank-backing-gusd\/"},"modified":"2023-03-13T20:30:00","modified_gmt":"2023-03-13T17:30:00","slug":"gemini-says-no-funds-at-signature-bank-backing-gusd","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/gemini-says-no-funds-at-signature-bank-backing-gusd\/","title":{"rendered":"# Gemini says no funds at Signature Bank backing GUSD"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a415c764a65e\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a415c764a65e\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/gemini-says-no-funds-at-signature-bank-backing-gusd\/#%E2%80%9D_Gemini_says_no_funds_at_Signature_Bank_backing_GUSD_%E2%80%9C\" >&#8221; Gemini says no funds at Signature Bank backing GUSD &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Gemini_says_no_funds_at_Signature_Bank_backing_GUSD_%E2%80%9C\"><\/span>&#8221; Gemini says no funds at Signature Bank backing GUSD &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDMvMmQwNTJjMDYtZGRhNy00MjRhLWI4YjAtY2YwMDI1NzA0MTc2LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-48054ca8>Crypto exchange Gemini had no funds at Signature Bank, and its Gemini US Dollar (GUSD) stablecoin was not <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Gemini\/status\/1635272598228721676?s=20\">backed<\/a> by any deposits at the failed bank, according to a March 13 official tweet from the company.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">1\/ It\u2019s very sad to hear the <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a> about Signature Bank. They have been incredible partners to Gemini and our industry for the better part of a decade.<\/p>\n<p>We have zero customer funds and zero Gemini dollar (GUSD) funds held at Signature Bank.<\/p>\n<p>\u2014 Gemini (@Gemini) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Gemini\/status\/1635272598228721676?ref_src=twsrc%5Etfw\">March 13, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>The exchange further clarified that it ha partnered with Signature in the past, stating: \u201cThey [Signature] have been incredible partners to Gemini and our industry for the better part of a decade.\u201d However, all current reserves are held at only three U.S. banks: State Street Bank, Goldman Sachs and Fidelity, Gemini said.<\/p>\n<p>The company also stated that it is actively monitoring bank counterparty risk to ensure that customer funds and GUSD backing are not impacted.<\/p>\n<p>On March 13, Circle\u2019s US Dollar Coin (USDC) lost its peg in the secondary market due to fallout from the Silicon Valley Bank collapse, leading to speculation that GUSD and other stablecoins may also lose their pegs. USDC regained its peg on March 13.<\/p>\n<p>Gemini emphasized that each GUSD coin is backed by dollar reserves, stating:<\/p>\n<blockquote><p>As a reminder, Gemini is a full-reserve exchange and custodian. This means that all customer funds and Gemini dollar reserves are held 1:1 on Gemini and are available for withdrawal at any time.<\/p><\/blockquote>\n<p>The collapse of Signature was part of a <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/watch-movies-tv-seriess\/\" data-internallinksmanager029f6b8e52c=\"8\" title=\"Watch Movies &amp; TV Series\" target=\"_blank\" rel=\"noopener\">series<\/a> of bank failures that swept the U.S. in early March. Silvergate Bank agreed to \u201cvoluntarily liquidate\u201d on March 8, followed by Silicon Valley Bank being shut down on March 10.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"defi_newsletter\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/gemini-says-no-funds-at-signature-bank-backing-gusd\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Gemini says no funds at Signature Bank backing GUSD &#8220; Crypto exchange Gemini had no funds at Signature Bank, and its Gemini US Dollar (GUSD) stablecoin was not backed by any deposits at the failed bank, according to a March 13 official tweet from the company. 1\/ It\u2019s very sad to hear the news&#8230;<\/p>\n","protected":false},"author":1,"featured_media":563147,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/cdn-cgi\/image\/format=auto,onerror=redirect,quality=90,width=1200\/https:\/\/s3.cointelegraph.com\/uploads\/2023-03\/2d052c06-dda7-424a-b8b0-cf0025704176.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74894,74860,75582,75493,117],"class_list":["post-563146","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-blockchain","tag-cryptocurrency-exchange","tag-fiat-money","tag-stablecoin","tag-business"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/563146","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=563146"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/563146\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/563147"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=563146"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=563146"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=563146"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}