Yellen calls for new stablecoin regulation amid algorithmic crash

yellen

Terra, an algorithmic stablecoin, lost its peg to the dollar and fell as low as $0.30 this week, prompting US Treasury secretary Yellen to call for further regulation.

Stablecoins are cryptocurrencies whose value in a notoriously volatile market is meant to remain level by being pegged to assets such as commodities or national currency.

An algorithmic stablecoin, rather than backed by cash or securities, keeps its value by varying the supply of another underlying digital asset. But the precise

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