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Gemini Dollar (GUSD), a stablecoin famous for combining the creditworthiness and price stability of the U.S. dollar (USD) with the technological privileges of a crypto asset, is among the altcoins that pumped since the year started by following in the steps of Bitcoin. Gemini, a New York trust company regulated by the New York State Department of Financial Services, issues the token.
GUSD price is up 0.26% in the last 24-hours to $0.997, with a bearish 24-hour trading volume after losing 10.09% to $476,318. With a live market cap of $605.02, GUSD token ranked #76 on CoinMarketCap at the time of writing.
GUSD, Gemini-Backed Stablecoin Delisted On OKX
Crypto and derivatives exchange OKX recently declared the official delisting of the U.S-backed stablecoin Gemini Dollar (GUSD) alongside a February 1 move by digital asset trading platform Ouyi to exclude the GUSD flash exchange services.
Delisting UPDATE 🔴
Starting from 8:00 am on Feb 1 (UTC), #OKX will delist $GUSD.
⛔ OKX Convert will no longer be available for $GUSD products.
Learn more ⤵️https://t.co/xGxvWVY4cY pic.twitter.com/rOyb3xJDG3
— OKX (@okx) January 30, 2023
Ouyi Platform’s move to exclude the product followed online projects conducted by Ouyi’s risk control department based on the “Ouyi Rules on Hiding TOKEN and Offline Trading Pairs” to maintain “a healthy digital asset environment in the blockchain industry.” This is expected to optimize projects’ liquidity while at the same time dispensing users with a “good trading experience.”
Following the official announcement by Ouyi Platform, Wu blockchain said that flash swaps would no longer back the GUSD asset exchange.
OKX will delist GUSD (Gemini dollar) at 8:00 am UTC on Feb 1, 2023. OKX Convert will no longer be available for GUSD products. https://t.co/7k83fSi4Yd
— Wu Blockchain (@WuBlockchain) January 31, 2023
According to the official announcement, the GUSD flash exchange service “touched the offline rules”, runs on “high risk”, and as such, would be processed “offline”. It is worth mentioning, therefore, that the declaration to delist was arrived at following a thorough market monitoring, including integrating the progress tracking with complains and feedback from the most of the project’s users.
Ouyi also articulated that they would implement the rules and keep providing attention to the enlisted projects, as stipulated on the “Ouyi Rules on Hiding TOKEN and Offline Trading Pairs.” This comes because the service foundation of the Ouyi platform hinges upon “safeguarding the rights and interests of all users on the platform.”
Moreover, the Ouyi platform expects to receive the majority of user support and cooperation, which explains why they have taken the initiative to remind users to strictly evaluate the “investment capabilities” as well as the risk tolerance bearing in mind that digital assets are a highly risky investment product.
OKX Delisting News Fuel GUSD Troubles
The news added to the growing problems ar the Winklevoss-led Gemini, causing the stablecoin to lose its peg falling as low a $0.9823 on 4th February. GUSD later recovered to claim its $1 peg, although it has failed to hold it since then and is currently hovering around $0.9991.
The trouble’s at Gemini started when the crypto exchange halted withdrawals and its supposed ties with the Bankrupt Genesis. This made investors stay away from the ecosystem’s stablecoin since November 2022. As a result, the number of GUSD addresses dropped to 2020 lows, and supply fell to around $607 million.
Moreover, Gemini is facing increased scrutiny after the New York Department of Financial Services (NYDFS) revealed it was investigating the platform over its claims related to Federal Deposit Insurance Corporation (FDIC) coverage. Some users of the exchange said that Gemini misled into believing that it’s Earn product was also covered by FDIC insurance.
Furthermore, the exchange has been engaged in a public spat with the bankrupt crypto lender Genesis over its Earn product, adding to its piling troubles.
GUSD Alternatives
Shift your attention from the Gemini-backed stablecoin GUSD and give Meta Masters Guild (MEMAG) a chance.
Meta Masters Guild team is having a presale for the network’s native token, MEMAG token. The presale is at stage five, which is expected to end soon. In the fifth stage (out of seven), the MEMAG token is auctioning for $0.019 with only three days left to the next stage.
The MEMAG presale has raised over $3.1 million after an eventful weekend that saw the fundraising attract more than $200K from investors in the Web3-focussed gaming guild.
💥$3.1M raised by #MEMAGFAM! 💥
❤️The outpouring of support has been truly remarkable 🤯 Thank you so much! 🫡
Join the metaverse and be part of the family.⚔️
Get your $MEMAG today! ⬇️ https://t.co/SBqVjX5mWn #Presale #P2E #Metaverse #Tokens pic.twitter.com/iOftPHXnsh
— Meta Masters Guild (@MEMAGgames) February 6, 2023
The presale has been growing at a very fast rate, especially during the past few days, which is evidence of how the successful P2E platform has in exciting the interest of market players. It is also a sign of how successful the project will be once it goes live.
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Meta Masters Guild – Play and Earn Crypto
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- Real-World Community of Gamers & Traders
- Round One of Token Sale Live Now – memag.io
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