JAKARTA The US dollar-backed stablecoin Gemini Dollar (GUSD), published by crypto trading company Gemini, is in trouble after the OKX crypto exchange announced plans to remove the coin from its trading platform.
On Tuesday, January 31, OKX announced that the crypto exchange would remove Gemini Dollar (GUSD) after evaluating user feedback and its removal policy. The deletion of GUSD was carried out on Wednesday, February 1.
This news added to the pressure on Gemini led byTENvoss and caused the stablecoin to lose its dollar benchmark. The stablecoin saw a price drop as low as US$0.9851 while hitting a $1.01 high in the midst of a high volatility situation.
The problem with the recall at Gemini and the company's links to bankrupt Genesis have made investors anxious and have started avoiding stablecoins since November. In the first week of January, several GUSD metrics experienced a drop in prices to their lowest in years.
GUSD's supply fell and the number of addresses fell to a low in 2020, and stablecoin supply fell to around $360 million. Earlier this month, GUSD fell as low as 0.9555 dollars but recovered and claimed a 1 dollar stake, but has failed to maintain its position since then.
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