Gemini, a popular crypto exchange owned by the Winklevoss twins, has burned one-fifth of the supply of its stablecoin GEMINI DOLLAR (GUSD), transaction tracking service Whale Alert has reported through its official Twitter account.
According to it, on December 3 the crypto trading platform burned a total of 1,035,020 GUSDs in a single operation. The number of burned tokens is equivalent to about 20% of the stablecoin’s total supply. As a result of the operation, the current supply of Gemini's native stablecoin is 4.1 million.
GUSD has not achieved the expected results since it was launched in September last year.
It looks like the approval from the New York Department of Financial Services has not been enough for the token to attract the investors’ interest.
The regulator has been very active lately. For example, iHodl reported yesterday that it had granted financial firm SoFi the BitLicense license to offer crypto services in New York.
The crypto exchange has also been mentioned in other news recently. iHodl reported back in September that a former Morgan Stanley executive had joined Gemini as its CCO.
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