This week will be remembered as the one when the stablecoins showed an unexpected ability to depeg. Terra’s TerraUSD (UST) dropped to a shocking $0.29 following the general meltdown of both crypto and financial markets, but it was also the headliner of stablecoins’ niche, while Tether (USDT) lost the balance and slid to $0.96 for a short time.
The United States Treasury Secretary Janet Yellen felt it necessary to assure everyone that, given the stablecoins’ market size, depegging didn’t present a threat to America’s financial stability. At the same time, she called on lawmakers to develop a “consistent federal framework” on stablecoins to address risks. You can’t be too careful, right?
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