Crypto Exchange Gemini Burns 20% of its Stablecoin GUSD’s Supply
- After burning over a million GUSD, 4,119,124 GUSD is the remaining market supply
- Gemini’s market cap has been on a decline since topping at December 2018
- After Gemini’s managing director Sarah Olsen left the company, the exchange is now welcoming Julian Sawyer as the Managing Director for its Europe division
Whale Alert, the tracker of large crypto-related transactions to and from exchanges reported 1,035,020 units of GUSD worth $1,024,618 USD has been burned by the exchange in one go. This is 20% of the stablecoin’s total supply which after the burn is now left at 4,119,124 GUSD.
Since last year, the competition in the stablecoin market has increased dramatically that had a negative impact on GUSD.
The market cap of the ERC-20 token at its peak in December last year was over $100 million that on Nov. 30 was just over $5 million and is currently at $4.1 million.
What’s Going on with Gemini?
The USD pegged stablecoin was founded in 2018 by the Gemini Trust Company, a New York trust company that operates under the legal authority of the New York State Department of Financial Services. A fiat collateralized stablecoin, the collateralized USD is held in company accounts at the US depository institutions.
As it complies with the regulations, Gemini can pause, reverse or block token transactions in the event of a security breach or if compelled by a court or other government bodies to do so.
Last month, the second “Exchange Benchmark” report by data portal CryptoCompare revealed Gemini as the highest-rated crypto exchange of Q3 2019. This good news came on the back of Gemini’s managing director Sarah Olsen leaving the company.
November also saw the exchange making its first acquisition, the non-fungible token startup Nifty Gateway.
The latest update is the exchange onboarding Julian Sawyer as the Managing Director for its UK and Europe to tap the rising interest of European traders in cryptocurrencies.
“Europe is the birthplace of modern financial markets and the United Kingdom (UK) has been a global financial capital of innovation for hundreds of years,” said Tyler Winklevoss, CEO of Gemini.