GUSD loses 80% of its market value or is related to the rebate program

According to The Block, data shows that Gemini Dollar (GUSD) has lost 80% of its market value, while its competitors soared to record highs. In recent weeks, Paxos' Pax market value has doubled to nearly $200 million. The Gemini Dollar has fallen below $22 million. According to sources, this may be related to the rebate program that the company encourages to adopt. At the end of last year, Gemini offered the trading company a discounted price of GUSD. In fact, Paxos also offers rebates. Market watchers said that the discounted Gemini Dollar fell into the hands of traders, who then exchanged GUSD with other stable currencies and redeemed them for profit. In addition, the dilemma of Gemini Dollar is related to competition, not Gemini itself. TrueUSD has a first-mover advantage over Gemini. The USDC benefits from the customer base of CoinbasedCircle. In total, they account for 10% of all transactions, while Gemini only accounts for 1%. As for Paxos, it facilitates instant redemption and creation.