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The Department of Justice (DOJ) and the Federal Bureau of Investigation (FBI) are reportedly investigating the collapse of the algorithmic stablecoin terra usd (UST) and the firm Terraform Labs. Unnamed sources say that former staff members from Terraform Labs, the company behind the Terra blockchain project, have been questioned by U.S. law enforcement. Unusual Relationship: […]Powered by WPeMatico
The U.S. Securities and Exchange Commission (SEC) has charged Terraform Labs and its CEO, Do Hyeong Kwon, with fraud, alleging that Kwon and his company orchestrated “a multibillion-dollar crypto-asset securities fraud.” The securities watchdog insists that Kwon raised billions from investors by creating an “interconnected suite of crypto-asset securities,” many of which were involved in […]Powered by WPeMatico
IMF Director Tobias Adrian believes uncollateralized and algorithmically-stabilized stablecoins pose too great a threat to holders and may experience further sell-offs.
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LFG outlined that it will first loan out $750 million worth of BTC to over-the-counter trading firms to manage the capital and “help protect” UST.
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UST market cap has surged to flip BUSD, however, its trading volumes are still only around one-fifth worth of the Binance digital dollar.
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Kwon also bullishly emphasized that its stablecoin TerraUSD (UST) backed by $10 billion-plus in BTC reserves will “open a new monetary era of the Bitcoin standard.”
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On Wednesday, October 13, 2021, the market capitalization of all the stablecoins in existence is around $134 billion, which is 5.60% of the entire $2.4 trillion crypto economy. While centralized stablecoin projects dominate the pack of dollar-pegged tokens, a great number of decentralized stablecoins have been moving in on these centralized competitors. Algorithmic or defi-styled […]Powered by WPeMatico