Tether Confirms Zero Exposure to Genesis Global or Gemini Earn

https://www.cryptoknowmics.com/news/tether-confirms-zero-exposure-to-genesis-global-or-gemini-earn

On November 16, Tetherreleased a brief statementclarifying that it has no exposure to institutional cryptocurrency lender Genesis Globalor the Gemini Earn program in response to reports that Genesis Global and the Gemini exchange have stopped allowing withdrawals. Gemini Earn's lending partner is Genesis Global.

Tether Zero Exposure to Genesis Global

Tether stated that blockchain-enabled platform is eager to set themselves apart from cryptocurrency organizations afflicted by contagion. The platform further remarked it's crucial to emphasize now that Tether's reserves have proven reliable, displaying constant resilience throughout the market's recent round of black swan occurrences.

Efforts to Promote Transparency

The revelation made on November 16 was part of Tether's continuous efforts to promote openness, according to Tether. Tether has rejected demands that it provide evidence supporting the sustainability of its stablecoin, failing a case initiated by the Office of the New York Attorney General in 2019 to make such information available to the public.

In accordance with the terms of the agreement reached in that case, Tether recruited BDO Italia in July to carry out monthly evaluations and confirmation of its reserves for open publication.

Attempt to Reduce Loans and Redemptions

In response to the market instability brought on by the demise of FTX, Genesis Global tweeted on November 16 that it was attempting to reduce redemptions and new loans. Gemini stated that it would be unable to fulfill client redemption requests for five days following Genesis Global's statement.