US and UK Regulators to Take Action on Stablecoins after Terra’s Collapse - BitcoinEthereumNews.com
TeknolohiyaUS and UK Regulators to Take Action on Stablecoins after Terras Collapse05 / 15 / 2022Balita ng Ethereum ng Bitcoin Regulatory agencies in the US and UK have raised their worries concerning stablecoins after the collapse of the controversial stablecoin Terra (UST). In recent days, stablecoins have led the crypto market to see a significant decline in their prices. Terra has been the most affected stablecoin after it collapsed and lost almost all of its value. Meanwhile, Tether stablecoin — which is meant to always be worth $1 — sank as low as 95 cents on Thursday and struggled to climb back to its intended dollar peg. Tether was trading firmly at $1 again on Friday. However, the collapse of Terra shook crypto investors confidence in Tether. In a congressional hearing on Thursday, U.S. Treasury Secretary Janet Yellen directly addressed the issue of both Terra and Tether “breaking the buck” this week. Although such assets dont currently pose a systemic risk to financial stability, Yellen suggested they eventually could. The U.S. Treasury Secretary told lawmakers on Thursday: “I wouldn‘t characterize it at this scale as a real threat to financial stability but they’re growing very rapidly. They present the same kind of risks that we have known