According to whale alerts, 1,035,020 Gemini Dollars (GUSD) were burned on December 3rd, which was around 20% of all the Gemini Dollars (GUSD) left in existence. This is just another event in the long demise of the Gemini Dollar (GUSD).

Apparently the Gemini Dollar (GUSD) cannot compete with other stablecoins. According to CoinMarketCap, Tether (USDT) has a circulating supply of $4.118 billion, USD Coin (USDC) has a circulating supply of $465 million, Paxos Standard (PAX) has a circulating supply of $245 million, TrueUSD (TUSD) has a circulating supply of $157 million, while the Gemini Dollar (GUSD) has a paltry circulating supply of just over $4 million at this point.

The Gemini Dollar’s (GUSD) fall from grace has been rapid. The circulating supply of Gemini Dollar (GUSD) peaked at over $100 million in December 2018, around the same time that Tether (USDT) was having major problems, giving alternative stablecoins like Gemini Dollar (GUSD) a chance to gain market share.

However, Tether (USDT) has survived its problems, so far, and has reasserted its dominance. Other stablecoins like USD Coin (USDC) and Paxos Standard (PAX) managed to become widespread during the time that Tether (USDT) was having problems, and held onto their gains in market share since then. However, Gemini Dollar (GUSD) failed to become widely used, and since then its circulating supply has decayed like radioactive waste.

Given the dominance of other stablecoins, it seems the market does not need the Gemini Dollar (GUSD) anymore, and the decay in circulating supply will likely continue.