on stablecoins from November, which argued to limit stablecoin issuance to"insured depository institutions." This more recent report from the Fed continues to promote that joint shared conclusion.
"Stablecoins that are not backed by safe and sufficiently liquid assets and are not subject to appropriate regulatory standards create risks to investors and potentially to the financial system, including susceptibility to potentially destabilizing runs," the report says. There is, indeed, a broader lingering question of whether algorithmic stablecoins can truly maintain value.
The PWG's recommendations did not thoroughly address algorithmic tokens, seeming to limit concerns to the more familiar fiat-backed tokens. The Fed report, though it does not name Terra or UST, specifically notes concentration in the stablecoin market to fiat-backed issuers"Tether, USD Coin, and Binance USD."
In the wake of the UST collapse, several leaders including Treasury Secretary Janet Yellen and Pat Toomey, the leading Republican on the Senate Banking Committee, noted that stablecoins had notAs the current crypto bear market shakes out more and more firms, this test ofKollen Post is a senior reporter at The Block, covering all things policy and geopolitics from Washington, DC.
has anyone told them that the dollar is basically a stablecoin?
Started using today, i'm shocked
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Federal Reserve Board: Recent Market Turmoil Shows ‘Structural Fragilities’ of CryptoThe federalreserve board says the recent turmoil in stablecoins highlights the 'structural fragilities' of digital assets in a new report. By amitoj 👁🦉 federalreserve amitoj Just as they planned? federalreserve amitoj Digital assets built on an insecure network will cause damage.
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Tether's USDT market cap dips below $70B for an 8-month lowTether USDT, the biggest stablecoin and the third largest digital currency by market capitalization, continues losing its market value amid the current market downturn.
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