According to United States Treasury Secretary Janet Yellen, the stablecoin market is not at the scale at which the drop in the price of TerraUSD and Tether below $1 would present a threat to the country’s financial stability.
In a Thursday hearing of the House Financial Services Committee on the Financial Stability Oversight Council’s annual report to Congress, Yellenthat the stablecoin market was not yet at a size in which UST dropping to under $0.40 and USDT — the largest stablecoin by market capitalization — briefly de-pegging from the dollar to hit $0.96 would create a “real threat to financial stability.
“They’re growing very rapidly,” said Yellen, referring to digital assets. “They present the same kind of risks that we have known for centuries in connection with bank runs.” U.S. Treasury Secretary Janet Yellen addressing members of the House Financial Services Committee on Thursday Yellen added that a central bank digital currency in the United States could have “a very significant impact on the structure of financial intermediation,” despite potentially having fewer risks than stablecoins. Her comments followed the Treasury Secretary addressing the Senate Banking Committee at a Tuesday hearing, when she
Buzz buzz
Lol now I know the fix is in
Well if they can make money from thin air. Just peg a stablecoin to that. 😂 I don't think it's wise to peg a stablecoin to raw Fiat currency. Rather use assets. Money is like friends. It comes and goes. Assets stick around. 😂
it all looks like another cause for tether fud just with zero grounds
Listening to it gives only hope which is only to be broken
ankr Web 3
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