Father in law has been on me for months about Gemini coin. 1:1 stable coin that gives 7.4% interest rate. Any reasons not to hold extra cash there that I don't necessarily want to put into the market?

Seems like I should have all my money that isnt in the market there. Is it really that straight forward? Am I missing something?

You have to purchase cryptocurrency and then earn 7.4% on that balance?

I believe you buy Gemini dollar (GUSD) which is a stable coin that is alway 1:1 with the US dollar. So 1 Gemini will always be worth $1. And then with Gemini earn you get 7.4% interest on it.

Seems to good to be true. That's why I'm asking here if I'm missing something

I went to their website but don't see anything about 7 percent return. Where do you see that?

Edit: here it is.

https://www.gemini.com/earn#interest-rates

Looks like they want you to hold with them as a broker. Not all coins have that APY. Bitcoin is at 1.65%.

Even more interesting, found out it was started by the Facebook Winklevoss twins.

Tastybrisket10 said:

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Even more interesting, found out it was started by the Facebook Winklevoss twins.

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It's pronounced "The Winklevii"

I am getting 9% on stable coin USDC.
I was a bit skeptical at first also.

Papa Joe said:

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I am getting 9% on stable coin USDC.
I was a bit skeptical at first also.

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That sounds wonderful. How do you do that?

https://jeangalea.com/stablecoins-interest/

For those interested, this article explains how to make high interest rates by holding safecoin and it explains how safe it is.

Papa Joe said:

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I am getting 9% on stable coin USDC.
I was a bit skeptical at first also.

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Circling back around. How is this going for you? Any surprises you found out about people should know about? Or is it as straight forward as it seems

I have some of the gemini dollar. I get daily interest payments and have had no issues (since Nov). I don't put too much in though.

I am getting 9.5% APR on USDC stable coin since I have bought VGX voyager coin for an extra 0.5% on all staking cryptos in voyager app.

No complaints. Just started getting 12.7% on vauld
Looking at 20% on stable coin using anchor protocol.

Very easy.

Actually pulled out a small portion of what I had staked the other day. I think the money was in my bank account 2 daya later. No complaints there.