Stablecoin Storm — Gemini's GUSD Shrinks 93% Amidst Market Turbulence

Over the past few years, the stablecoin market has significantly slowed, particularly since mid-2022, following the collapse of Terra's stablecoin. Additionally, last year, the New York Department of Financial Services (NYDFS) instructed Paxos to cease the issuance of BUSD.

Timeline of Gemini-dollar

The MakerDAO community is voting on keeping Gemini's GUSD stablecoin as part of the protocol's reserves amidst insolvency concerns.  MakerDAO and its community are concerned about DAI's exposure to Gemini in the face of the liquidity crisis impacting the platform's Earn program.

Leading DeFi platform MakerDAO is currently in the middle of a governance vote that will decide the fate of the GUSD stablecoin. The lending protocol's community is voting to determine if Gemini's stablecoin should be retained in the decentralized autonomous organization's reserve.

The Winklevoss Twins-backed exchange Gemini has announced a “Trust Center” to display a breakdown of funds held on the platform. The post Gemini reveals $601M GUSD backing, 45+ licenses amid global exchange turmoil appeared first on CryptoSlate.

While the stablecoin economy has seen fluctuations from specific stablecoin tokens either increasing the project's number of tokens in circulation or decreasing the supply, the stablecoin GUSD issued by Gemini has increased by 129.5% during the last 30 days.