Stablecoins: good as the buck, or breaking the buck?

Collateral concerns and iffy auditing have raised fears of a ‘de-pegging’ event – and possible contagion across crypto and beyond

The age of innocence ended for stablecoins last May, with the collapse of terraUSD. The token, which was algorithmically pegged to the US dollar through a counterbalancing mechanism with sister token luna, crashed to less than 15 cents in a few days, costing investors billions and sending a chill across the digital sector.

The main asset-backed stablecoins, such as Tether, USD Coin and binanceUSD, survived – and even thrived as crypto investors pivoted to assets perceived as less risky.


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