Gemini co-founder: GUSD reserve assets are held separately by the custodian, and there is no redemption risk

ChainCatcher message, due to the liquidity crisis currently faced by the Gemini exchange lending platform Earn, MakerDAO is adjusting relevant parameters through voting to limit DAI exposure to Gemini. Recently, there have been discussions on the Maker governance forum regarding the transparency of GUSD minting, the specific operational process on Maker PSM, and the transparency of reserves.

In response, Gemini co-founder Tyler Winklevoss stated on the forum that the assets constituting GUSD reserves are not the "property" of Gemini. Gemini complies with the New York Department of Financial Services (NYDFS) "Guidelines for the Issuance of U.S. Dollar-Backed Stablecoins." According to regulatory requirements, the reserves of any stablecoin regulated by the New York DFS must be kept separate from the proprietary assets of the issuing entity (such as Gemini) and held by a custodian or trustee to protect the interests of stablecoin holders. Therefore, GUSD reserves are stored in accounts that are separate from Gemini's business, operations, and other customer commingled accounts, eliminating any risk of redemption. (source link)