The world of stablecoins is suddenly looking shaky after a US move left investors questioning the future shape of the market.
Browsing: tether
Repeated assurances by the backers of Tether that the token is backed by ample reserves and working smoothly haven’t been enough to reassure markets.
Tether is releasing a crypto token tied to the value of the British pound as part of a push into new stablecoins.
Tether, USDC and others lost their prized pegs to the dollar last week. But was it an isolated outburst, or are they losing their soul?
Cryptocurrencies nursed large losses on Friday, with bitcoin set for a record losing streak as the collapse of TerraUSD rippled through markets.
Stablecoins besides TerraUSD are failing to live up to their billing as the collapse of the algorithmic token has investors pondering the implications of the tumult for the broader market.
Bitcoin has leapt since Russia’s invasion of Ukraine, bolstered by people in those countries looking to store and move money in anonymous and decentralised crypto.
Cutting some Russian banks’ access to Swift will give China the excuse to promote digital versions of its own central bank digital money in global trade and finance.
The hottest spot in crypto right now is coins with prices that don’t move.
The techno-anarchist pioneers of cryptocurrencies believed they were creating a new form of unregulated, decentralised money. They couldn’t have been more wrong.