To enhance liquidity and improve access to markets, Gemini has combined USD and supported USD stablecoin order books (GUSD, RLUSD, and USDC) into unified markets. This means you can now trade using any of these stablecoins on the same USD order book, benefiting from deeper liquidity, tighter spreads, and a simplified trading experience.
Below are answers to common questions about how this update works, what it means for your trading activity, and what to expect during the rollout.
1. What does it mean that USD and stablecoin order books are combined?
Gemini has built the ability to merge liquidity across USD and supported stablecoin markets.
This means that trading pairs like BTC/USD, BTC/GUSD, BTC/RLUSD, and BTC/USDC now share the same underlying liquidity 1. Orders placed using USD or any supported stablecoin match on the same order book, giving customers equal access to deeper liquidity and tighter spreads, regardless of which currency they use.
2. How will this affect how I trade or settle in ActiveTrader?
You can continue to place orders using USD, GUSD, RLUSD, or USDC1.
If you place a buy order using GUSD (for example, BTC/GUSD), your GUSD will be held, and you’ll receive BTC once your order executes. Similarly, if you place a sell order in BTC/USD, you will receive USD even if the order matches against another customer buying with a stablecoin.
You’ll always be settled in the currency you used for the order, and there’s no need to manually convert between USD and stablecoins.
3. Will I still see multiple trading pairs in ActiveTrader?
The trading pairs you see in ActiveTrader will depend on your region’s available currencies and asset restrictions.
For most customers, both USD and supported stablecoin pairs (GUSD, RLUSD, and USDC)1 are visible and trade on the same unified USD order books. In some regions, you may also see local currency pairs such as AUD/stablecoin or a reduced set of pairs depending on local availability.
However, both pairs route to the same underlying liquidity, so you’ll see consistent pricing and execution across both. You can also filter the pair view if you prefer to see only one type of pair.
4. Why are my existing GUSD limit orders being cancelled?
To support the rollout of this new combined order book structure, existing limit orders on BTC/GUSD, ETH/GUSD, and USDT/GUSD will be cancelled. This ensures all open orders align with the new system. You'll receive a notification when your orders are canceled, and you can re-enter them shortly afterward.
5. Are there any fees or trading impacts I should know about?
There are no additional fees or changes to pricing with this update. All trades will continue to count toward your fee tier, and fees will be charged in the quote currency (USD or the stablecoin used in your order). Settlement is handled internally, so there’s no extra cost or delay when using either currency.
6. Does this apply to all trading pairs on Gemini?
Yes, most USD and stablecoin markets have now been combined, with additional pairs being integrated over time.
You can confirm a pair is part of the unified order books when you search for an asset (for example, SOL) in ActiveTrader and see both a USD and stablecoin pair (for example, SOL/USD, SOL/GUSD, or SOL/USDC) showing identical order book depth and pricing.
1 DAI, GUSD, PAXG and USDT are not available for trading for customers in the EU & EEA. Please see Non-MiCA Compliant Stablecoins for more information.