OKX Declares Delisting of Gemini-backed Stablecoin GUSD

• OKX has declared to delist the GUSD.
• GUSD flash exchange services would proceed offline at 16:00 (UTC+8) on 1 Feb.
• The GUSD flash exchange services would no longer be backed up by flash swaps.

Seychelles-based cryptocurrency and derivatives exchange OKX declared the official delisting of the U.S-backed stablecoin Gemini Dollar (GUSD). Reportedly, the digital asset trading platform Ouyi would exclude the GUSD flash exchange services on February 1, 2023, precisely at 16:00 (UTC+8).

According to the Ouyi Platform, the risk control department of Ouyi recently conducted online projects on the platform based on the “Ouyi Rules on Hiding TOKEN and Offline Trading Pairs” to maintain “a healthy digital asset environment in the blockchain industry,” to “optimize the liquidity of projects” and to dispense users with a “good trading experience”.

After the Ouyi Platform’s official announcement went public, Wu blockchain mentioned that the GUSD asset exchange would no longer be backed by flash swaps.

In addition, the platform also mentioned the transaction volume of GUSD as per the Coingecko data was as low as $560,000 in the past 24 hours.

As per the official announcement, the GUSD flash exchange service “touched the offline rules” and runs on “ high risk” and would be processed “offline”. The declaration was made based on “comprehensive market monitoring” and the “progress tracking” integrated with the “complaints and feedback from the majority of users on the project”.

Ouyi also stated that they would implement the rules and continue to provide attention to the enlisted projects based on the “Ouyi Rules on Hiding TOKEN and Offline Trading Pairs” as the service foundation of the Ouyi platform depends upon “safeguarding the rights and interests of all users on the platform”.

Furthermore, the Ouyi platform hopes for the majority of user support and cooperation and reminded the users to strictly evaluate the “investment capabilities” and “risk tolerance” as the “digital assets are high-risk investment products”.

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