Gemini, an exchange backed by the Winklevoss Twins and based in the US, currently offers 7.15% if you convert US $ to their coin (Gemini Dollar) and keep it on their exchange.
Is this fundamentally similar to how Terra UST was organized and susceptible to similar problems? Or is this in any way more secure/safe?
I understand "not your keys; not your coins", and nobody has a crystal ball, but better knowing the risks and likelihood of future problems can help investors balance that against the relatively high APY.
Edit: It looks like when you're earning, your money is lent to Genesis Global Capital, LLC ("Genesis") according to the terms of the Master Loan Agreement. I guess the better question is: how risky is lending to Genesis?
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