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HomeCrypto MiningGemini's stablecoin loses USD peg amid OKX delisting

Gemini’s stablecoin loses USD peg amid OKX delisting

Gemini-backed stablecoin Gemini Greenback(GUSD) has misplaced its parity with the US Greenback, falling by 0.84% to $0.9851 within the final 24 hours, in line with CryptoSlate’s information.

Out there information exhibits that the stablecoin skilled sharp worth swings over the previous week, paying homage to its run in direction of the tip of final yr.

The variety of energetic addresses holding GUSD has dropped to a 2020 low, in line with CryptoSlate analysis. GUSD’s provide has additionally fallen to round $607 million from a excessive of practically $880 million inside three months.

OKX delists GUSD

Crypto trade OKX stated it will be delisting the stablecoin on Feb. 1 by 8:00 am UTC, in line with Jan. 31 assertion.

The trade stated it was delisting the stablecoin based mostly on customers’ suggestions and its delisting coverage. OKX added that it “consistently displays the efficiency of all listed tasks and evaluations their itemizing {qualifications} regularly.”

Gemini troubles

In the meantime, the stablecoin issuer is going through elevated scrutiny after the New York Division of Monetary Companies (NYDFS) revealed it was investigating the trade over its claims associated to Federal Deposit Insurance coverage Company (FDIC) protection.

Some Gemini customers stated they have been misled into believing that the trade’s Earn product was additionally lined by FDIC insurance coverage.

Apart from, the trade has been engaged in a public spat with the bankrupt crypto lender Genesis over its Earn product.



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