Gemini’s GUSD Stablecoin Director Leaves the Company as Gemini Dollar Market Share Drops
Several sources have confirmed that Sarah Olsen, who was Gemini’s executive for corporate development, has left the organization. She was involved mainly in the stablecoin business for this excellent exchange platform.
The market share for Gemini’s stablecoin has gone down by almost 95%. That is even after attempts to boost the GUSD quantity in the market by the company. Sarah Olsen, who was a managing director at Gemini, who played a crucial role in the stablecoin for the company, was confirmed to have left the exchange according to sources that are familiar with this issue just recently.
Olsen has been in Gemini since 2017, and she first served in the department of business development as the head. She later became the managing director of the department of corporate development according to her LinkedIn profile. It is not known what she is planning to do next in her life or which company she will be joining. Block had requested Gemini for comments on the same issue, but Gemini has not yet given any response.
While at this exchange platform, Olsen took part in and performed a lot in pushing the company’s stablecoin, which is the Gemini dollar. She even published a paper in Oct. 2018 on stablecoins, where she showered the compliance status of the Gemini stablecoin with praises. Olsen said that the compliance status was crucial in curbing counterparty risk. The company was involved in this compliance with the state department for New York that deals with financial services.
During her reign as the managing director, Gemini made numerous efforts to raise their stablecoin’s market share. That included joining hands with SPEDN, which is a crypto wallet to enable the users to be able to utilize GUSD at local retail stores. Gemini also listed its stablecoin on BlockFi, which is a crypto lending platform.
Despite having done all these, GUSD’s market share continues to plunge. It has gone down to around $4,683,637, as reported to CoinMarketCap.