Gemini’s stablecoin loses USD peg amid OKX delisting

According to data, the Gemini-backed stablecoin Gemini Dollar (GUSD) has lost parity with the US Dollar, sliding by 0.84% to $0.9851 in the previous 24 hours.

According to available statistics, the stablecoin suffered dramatic price changes during the last week, reminiscent of its run at the end of last year.

According to research, the number of active addresses holding GUSD has decreased to a 2020 low. GUSD supply has also declined to roughly $607 million from a three-month high of nearly $880 million.

OKX delists GUSD

According to a Jan. 31 announcement, crypto exchange OKX said it would delist the stablecoin on Feb. 1 at 8:00 a.m. UTC.

The stablecoin was delisted by the exchange based on user criticism and its delisting policy. OKX also stated that it “constantly monitors the performance of all listed projects and regularly examines their listing qualifications.”

Gemini troubles

Meanwhile, the stablecoin issuer is under heightened investigation after the New York Department of Financial Services (NYDFS) stated it was examining the exchange over statements pertaining to FDIC coverage.

Some Gemini consumers claimed they were mislead into thinking the exchange's Earn product was also insured by the FDIC.

Furthermore, the exchange has been embroiled in a public feud with the bankrupt cryptocurrency lender Genesis over its Earn product.

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