U.S. crypto lobbyists in push to contain fallout from stablecoin meltdown [Financial Post (Toronto, Ontario, Canada)]
Coinbase Global, Inc. - Class A (COIN)
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Source: Financial Post
The Blockchain Association and the Chamber of Digital Commerce, which represent some of the most influential crypto companies, say they have been fielding a flurry of questions from Capitol Hill since TerraUSD, known as “UST,” broke its peg last week and crashed 90%. Stablecoins are cryptocurrencies that try to maintain a constant exchange rate with fiat currencies. The $163 billion space is dominated by tokens that are pegged to the U.S. dollar, like Tether and USD Coin, by holding reserves in traditional dollar assets. Some stablecoins, like UST, however, use a complex algorithmic process to create the peg. Capitol Hill lawmakers have been quizzing lobbyists on the structure of UST, seeking to determine whether its collapse was preventable and if other stablecoins could suffer the same fate. Lobbyists are urging lawmakers not to crack down too hard on the gamut of stablecoins. “The one thing we’ve been cautioning to the Hill is that we don’t want to accidentally throw the baby o
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