. The episode fueled a massive slump in cryptocurrencies which saw billions of dollars of value wiped off the market.
"When we look at stablecoins this is the area where the big mess happened. If a stablecoin is backed with assets, one to one, it is stable. When it is not backed with assets, but it is promised to deliver 20% return, it's a pyramid," Kristalina Georgieva, managing director of the IMF, said during a panel moderated by CNBC at the World Economic Forum on Monday.
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