- Algorithmic stablecoins like terraUSD, which collapsed and sent shockwaves through the cryptocurrency market, are unlikely to survive, the co-founder of digital currency tether told CNBC.
- UST lost its dollar peg and that also led to a sell-off for its sister token luna, which crashed to $0. The debacle has led to warnings that algorithmic stablecoins might not have a future.
- Stablecoins have been in focus for regulators and governments around the world. Earlier this year in the U.S., the Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) released a draft set of rules on regulating stablecoins.
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