Pain ahead for algorithmic and non-cash backed stablecoins: IMF director
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 to deploy $1.5 billion to bolster UST peg and build BTC reserves
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.
Terra’s UST flips BUSD to become third-largest stablecoin
UST market cap has surged to flip BUSD, however, its trading volumes are still only around one-fifth worth of the Binance digital dollar.
‘We’re already buying’: Terra founder plans to obtain $10B BTC for reserves
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.”
Defi and Algorithmic Stablecoin Demand Grows in 2021 Despite Large Centralized Competitors
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…