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The Gemini-backed stablecoin Gemini Dollar (GUSD) fell 0.84% to $0.9851 over the past 24 hours, losing parity with the US dollar. of crypto slate data.
According to available data, the stablecoin has experienced sharp price volatility over the past week, a reminder of the move towards the end of last year.
The number of active addresses holding GUSD has dropped to a 2020 low, according to the report. crypto slate research. GUSD supply also fell from a high of around $880 million to around $607 million within three months.
OKX Delists GUSD
According to Jan. 31, cryptocurrency exchange OKX said it will delist its stablecoin on Feb. 1 by 8 a.m. UTC. statement.
The exchange said it will delist the stablecoin based on user feedback and delisting policies. OKX added that it “constantly monitors the performance of all listed projects and regularly verifies eligibility for the list.”
Problems of Gemini
Meanwhile, stablecoin issuers face increased scrutiny after the New York Financial Services Department (NYDFS) revealed it was investigating exchanges over claims related to Federal Deposit Insurance Corporation (FDIC) coverage. facing.
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Some Gemini users said they were mistakenly thinking that the exchange’s Earn products were also covered by FDIC insurance.
On top of that, the exchange has been in a public altercation with bankrupt cryptocurrency lender Genesis over its Earn product.
