Tether says it has no exposure to Genesis Global or Gemini Earn

Tether says it has no exposure to Genesis Global or Gemini Earn


Tether issued a short statement on Nov. 16 saying that it has no exposure to institutional crypto lender Genesis Global or the Gemini Earn program after the announcement that Genesis Global and the Gemini exchange were freezing withdrawals. Genesis Global is the lending partner for interest-bearing Gemini Earn. 

Eager to differentiate itself from contagion-stricken crypto organizations, Tether said:

“It is important at a time like this to highlight that these [Tether’s] reserves have proved tried and true demonstrating consistent resilience during the black swan events that have characterized the market this past year.”

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Tether, the operator of USDT (USDT) — the largest stablecoin and the third-largest digital currency by market capitalization — lost its dollar peg for a short while on May 12, at the beginning of the crypto

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