Gemini backed stablecoin Gemini Dollar (GUSD)losing parity with the US dollar in the last 24 hours 0.84% in decline $0.9851 declined. OKX A statement about stablecoin came from the stock market.
Gemini’s Stablecoin GUSD Delisted from OKX Exchange
The stablecoin supply has also fallen in recent months, as the number of active addresses holding GUSD has slumped to a 2020 low.
Available data shows that the stablecoin has experienced sharp price swings over the past week, reminiscent of its run towards the end of last year.
The number of active addresses holding GUSD has dropped to the lowest level of 2020. The supply of GUSD also fell from about $880 million to $607 million in three months.
Cryptocurrency exchange OKX said on Jan. 31 that it will delist the stablecoin on Feb. 1 at 8:00 am.
The exchange said it delisted the stablecoin based on user feedback and its delisting policy. OKX added that it “continually monitors the performance of all listed projects and regularly reviews their listing qualifications.”
Meanwhile, Gemini is facing scrutiny after the New York Department of Financial Services (NYDFS) said it was investigating the exchange over claims related to Federal Deposit Insurance Corporation (FDIC) insurance coverage.
Some Gemini users said they were misled into believing the exchange’s Earn product was also covered by FDIC insurance.
Recently, the US Securities and Exchange Commission (SEC) accused Genesis and Gemini of allegedly selling unregistered securities related to a high-yield product offered to depositors.
*Not investment advice.
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