Crypto exchange Gemini had no funds at Signature Bank (NASDAQ:SBNY), 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.
The exchange further clarified that it had partnered with Signature in the past, stating, “They [Signature] have been incredible partners to Gemini and our industry for the better part of a decade.” However, all current reserves are held at only three United Stat banks — State Street (NYSE:STT) Bank, Goldman Sachs (NYSE:GS) and Fidelity — Gemini said.