In the weeks to come, CoinLoan will be removing GUSD from its stablecoin list on the lending platform and crypto exchange. Unfortunately, the circulation supply of GUSD is plummeting. Further, since GUSD was added, it has faced insufficient demand among CoinLoan users.
Driven by the goal to provide our users with valuable assets, we make sure to only list coins with high market circulation. As GUSD does not meet this criterion, we have decided to delist it. As a result, if you have deposited GUSD on the CoinLoan platform, please make sure to withdraw your GUSD coins before September 1st.
Why is GUSD being removed from CoinLoan?
First, the GUSD has yielded its position on the crypto-market, according to CoinMarketCap data. In December 2018, the market capitalization of GUSD was $103.91 million, ranking as the 49th most capitalized cryptocurrency. However, today, it has lowered to $12.23 million, dropping to 200th place in the rankings.
Second, from the moment the coin was added on CoinLoan’s stablecoin list, there has been insignificant demand for GUSD from CoinLoaners.
What is going to happen next?
On August 1st, GUSD will be delisted. This means users will not be able to deposit or use GUSD as a loan currency on the platform.
Thus, if you have GUSD coins on your account, please make sure to transfer them to your private wallet within the next weeks. Please keep in mind that the GUSD withdrawal feature will disappear on September 1st.
What if I still want to use a stablecoin on CoinLoan?
No problem! Stablecoins may come and go, but CoinLoan always has something else to offer.
If you’d like to use stablecoins to lend or borrow, you can safely use TUSD, USDC, PAXO or PAX, which are all available in the My Wallet tab. Make sure to keep up with our updates for more information!
For example, in a recent update, we added PAX to our stablecoin list in June 2019. You can deposit and withdraw PAX in My Wallet just as you use TUSD or USDC. Additionally, you can use PAX as a loan currency on the lending platform or buy/sell PAX for EUR on the CoinLoan crypto-exchange.
The best is yet to come! Check out our latest updates for more information on CoinLoan’s next milestones.