The volume of trading in pairs with Gemini stabilium Dollar (GUSD) on the stock exchange Bibox doubled after the price drop on the Tether (USDT) on Monday.
15 Oct stablein USDT, provided the us dollar, fell by 4%. This caused the margin on all exchanges, working with the token and the growth of quotations of bitcoin (BTC) from $6300 to $7500. The resulting situation has forced traders to look to other dollar equivalents, alternatives, and Tether.
One such equivalents stablein from the creators of the Gemini exchange. Almost all trade in the asset — 96% — is carried out at the site Bibox, occupying ninth place in the ranking of the cryptocurrency exchanges on the daily adjusted trading volume. On Monday, the official Twitter-account exchange reminded followers that the tokens from the Tether is not the only option.
According to Bibox, the volume of trading in pairs the Gemini token Dollar, sharply increased approximately two times after the collapse of prices on the Tether. Quotes bitcoin has grown to $1.09. At the same time, the trading volume with USDT on the stock exchange decreased by 70%. According to co-founder Bibox Aries Wong (Aries Wang), the traders stopped trading stabilium to reduce the risks.
However, the trading volume with GUSD as a whole is immeasurably small compared to that which demonstrates USDT, even despite the collapse. So Tether this index on Monday dropped from $50 million to Bibox, and the amount of Gemini’s Dollar had risen to only $2 million. While Bibox is not the leading platform for trading in currency pairs with USDT, but the listing GUSD exchange held the first.
However we must not forget that Gemini has launched its stablein recently in September. So far, only six cryptobiotic exchanges offer trading in pairs with GUSD, and among them only three — Bibox, OKEx and HitBTC — I have a large daily trading volume. Interestingly, in stock Gemini to make transactions with stabilium impossible.
It seems that after the story with quotes on Monday, Tether began to lose the leading position. Not only Gemini Dollar has benefited from the current situation, but also other tokens, provided the dollar: USD Coin (USDC) from a Circle, Paxos Standard (PAX) and TrueUSD (TUSD) from TrustToken. To make a listing of these coins, along with GUSD gathered one of the largest kryptomere Huobi. Other trading platforms also eyeing stabilium and will experiment with them individually.
The most radical position in regard to the issue with the Tether holds the exchange DigiFinex. In mid-September, the site announced that it was planning to close trades in pairs with USDT and will be TrueUSD.
The negative attitude stablein formed in the cryptocurrency community for quite some time. Many have doubts that the Tether has sufficient reserve funds in dollars to provide tokens. Some even suspect the company in market manipulation. However, the Tether continues to work and seek new partners. Yesterday, the media became aware that the company entered into an agreement with a Bank in the Bahamas.