SNEAK PEAK
- OKX exchange has reportedly delisted the Gemini USD (GUSD) stablecoin.
- Amid OKX`s action, GUSD has lost its USD peg.
- The total market capitalization of USDT, USDC, and DAI has grown.
Recent events have resulted in the cryptocurrency exchange OKX deciding to carry out another delisting. On the OKX Support website, the firm announced its aim to continue fostering a robust business environment.
In addition, the platform has indicated that it is monitoring the progress of the projects posted on it to gauge their success. It was also mentioned that the organization also conducts frequent evaluations of the listing criteria of the projects.
As a result of these considerations, OKX decided to delist the GUSD coin. After the token is delisted from the platform, it is speculated that it will no longer provide its “OKX Convert” services for the items associated with the GUSD token.
It is essential to remember that in 2018, the cryptocurrency exchange Gemini, which the Winklevoss twins founded, released the Gemini Dollar (often abbreviated as GUSD).
While it was anticipated that stablecoins would maintain their $1 peg, GUSD has started to move away from its $1 peg. On Tuesday, the asset’s value decreased to $0.988, according to data from Coinmarketcap.
At the beginning of this month, the GUSD exchange rate dropped to $0.9555. Nevertheless, one stablecoin could be purchased at the time of publication for $0.9986 amid heightened volatility.
Despite this, the asset’s value has fluctuated quite a lot throughout the month. This motivated the cryptocurrency exchange OKX to go ahead and delist GUSD. In the correspondence, it was written that more elaboration was provided on the cause of the development.
Stablecoins, in general, are thriving, but GUSD is struggling. Over the last month, the total market capitalization of USDT, USDC, and DAI has grown.