The Gemini Dollar (GUSD) has been experiencing some volatility stablecoin It has lost its footing over the past week. The exchange is currently the center of attention for its Gemini Earning program.
As the Gemini Dollar (GUSD) stablecoin lost $1 in value in the last 24 hours, Gemini and the stablecoin market are facing problems. The stablecoin dropped to $0.98 in the past week and has fluctuated wildly over the past 24 hours. The last GUSD token price was like this at the end of 2022.
OKX did not provide specific reasons why GUSD was listed, instead stating “the general rationale for maintaining a robust spot trading environment is that we continue to monitor the performance of all listed programs and review their listing eligibility on an ongoing basis.”
GUSD was enjoying A decrease in usage Since the beginning of the year. The number of active addresses that used GUSD dropped to 2020 levels. This does not bode well for the asset in an already fiercely competitive field in the crypto space.
Investigation of Gemini FDIC Claims
There are many reasons for the generally poor health of the Gemini ecosystem. The exchange has been in the headlines on several occasions in the past couple of months, primarily for its feud with Genesis over the Gemini Earn product.
The plan has attracted the attention of authorities as the New York State agency that regulates Gemini is investigating the exchange for making it. Related requests Federal Deposit Insurance Corporation. Also, there is Gemini Under investigation Through the United States Securities and Exchange Commission (SEC) for the EARN program.
And then there are the investors. There are many of them Sued Gemini For their earned product, claiming that they should have registered it, a Security.
Stablecoins are fine, for the most part
While GUSD is experiencing a rough time, stablecoins are generally doing well. USDT, USDC, and DAI Everything has increased in the last one month. This usually indicates high demand.
However, one significant fall in the last ten days is the BUSD. The Finance The stablecoin saw a sudden and significant drop in market cap a few days ago. So far, it appears to be nothing serious, but researchers are keeping an eye on it.
BeInCrypto has reached out to the company or person involved in the story to get an official statement on the latest developments, but has yet to hear back.