Whole lot of conflatin' goin' on. GUSD is 100% backed, but the Gemini Earn program lends your GUSD (not your USD) to real borrowers with real credit risk. There is no risk that your GUSD won't be redeemed for dollars if you get them back, but there is a risk that the GUSD borrowers will default. Presumably, that risk is commensurate with the gross interest rate being paid.