Stablecoin Gemini Dollar (GUSD) Gets Support from Liquid Exchange
The trading platform, which is one of the leading fiat-to-crypto markets, will add only crypto-to-crypto pairs for GUSD.
The Liquid virtual asset market, owned by Japanese fintech company Quoine, has said that it would soon list Gemini Dollar (GUSD), the stablecoin project of crypto investors Cameron and Tyler Winklevoss. The support is part of a partnership between Liquid and Winklevoss’ exchange Gemini, unveiled on Friday, with the goal of bringing stability and liquidity to the digital currency market by prioritizing regulatory-approved initiatives.
The Japanese trading venue, which was launched in September, is one of the largest fiat-to-crypto markets, with more than $118 million trading volume for the last day. It supports trading in several traditional currencies including the US dollar, Japanese yen, Hong Kong dollar, and Singapore dollar. However, the exchange will initially add only crypto-to-crypto pairs for GUSD – with Bitcoin (BTC), and Ethereum (ETH).
Liquid did not disclose the exact date of the listing but said that the Winklevoss’ coin was an “obvious choice” as both the Quoine and Gemini are licensed operators. Quoine has a permit from Japan’s Financial Services Agency (FSA) while the Winklevoss’ exchange possesses a limited-purpose trust company charter from the New York State Department of Financial Services (DFS).
“We will now explore the opportunity to develop a JPY-pegged stablecoin,” Mike Kayamori, Liquid CEO, said in a statement.
Gemini dollar is one of several new US dollar-pegged crypto initiatives launched in the previous few months along with Paxos Standard (PAX), and Circle’s USD Coin (USDC). Currently, the coin is listed on more than fifteen exchanges and has clocked $1.7 million in trading volume. It has one largest markets, Bibox, in which BTC, ETH, and Tether (USDT) pairs accounted for nearly 38% of GUSD volume or $724,444. OKEx ranked second as its Gemini pairs with USDT and BTC achieved $311,314 (16.22%) in trading.
“Stablecoins are an important part of the cryptocurrency ecosystem, giving traders flexibility to hedge against volatile markets and the ability to easily and safely move funds between platforms,” Liquid explained.
GUSD changed hands at $0.99 for one coin, which was down 0.62% on a daily basis to 11:23 UTC on Monday, according to Coinmarketcap data.