Japan passes a stablecoin bill focusing on investor protection following UST debacle

Japan has become one of the first major economies to spearhead stablecoin regulation after its parliament passed a bill to rein in the sector, Bloomberg News reported. The post Japan passes a stablecoin bill focusing on investor protection following UST debacle appeared first on CryptoSlate.

Timeline of Terrausd-wormhole

A stable coin UST ran on the Terra blockchain ( now Terra Classic), was designed to maintain its dollar peg through both algorithms and trading incentives involving another token, Luna. The growth of Terra exploded among the mom-and-pop investors over the last two years, and they benefited with 20% of interest rates on their investments …

Stablecoins are cryptocurrency usually pegged to real-world assets, and were supposed to be pegged to the U.S. dollar. Whereas stablecoins like tethered and USD coins are backed by real world assets like fiat currencies and government bonds in order to maintain their dollar peg, USD is governed by an algorithm.  The terraUSD stablecoin collapse has …

In response to the recent collapse of controversial crypto project Terra, Britain is looking into ways to ensure stablecoins don't threaten their wider financial system. Her Majesty's Treasury printed a new consultation paper on Tuesday, May 31, 2022, regarding minimizing the risks of the possible collapse of stablecoins and many more digital currencies by utilizing

In May, the collapse of one of the most popular U.S. dollar-pegged stablecoin projects cost investors tens of billions of dollars as they pulled out in a panic that some have compared to a bank run.

One lesser known fact about the recent price collapse of algorithmic stablecoin TerraUSD ($USST) is that it managed to hit some of the most vulnerable people on the planet, namely relatively poor people living in high inflation countries. According to a report published on May 26 by tech news out “Rest of the World”, people

A market intelligence firm says seven crypto wallets may have been involved in the depegging of algorithmic stablecoin TerraUSD (UST) from the US dollar. According to digital assets insights firm Nansen, seven crypto wallets were spotted swapping large amounts of UST on the automated market-making platform Curve (CRV) on May 7th, right before the stablecoin The post Seven Wallets Could Have Initiated TerraUSD (UST) De-Peg, According to Crypto Analytics Platform Nansen appeared first on The Daily Hodl.

The South Korean government is considering imposing tougher regulations, including a unified listing standard, on all cryptocurrency exchanges in the country following the collapse of cryptocurrency terra (LUNA) and stablecoin terrausd (UST). Korean Government's Meeting With Cryptocurrency Exchanges The South Korean government is shifting responsibility for the crash of cryptocurrency terra (LUNA) and algorithmic stablecoin

The largest algorithmic stablecoin, TerraUSD (UST), suddenly disintegrated last week, sending shockwaves through the crypto markets. As UST fell considerably below its $1 peg, it put downward pressure on Bitcoin and the whole cryptocurrency market. Luna, its sister cryptocurrency, has also virtually halved in value. So what happened? Nansen, a cryptocurrency forensics business, identified four …

TerraUSD (UST) losing its $1 peg and falling to $0.03 and the crash of Terra (LUNA) to $0.0001372 were two events that shook the crypto community. The post Nansen Report shows that UST lost its peg due to the work of multiple large entities appeared first on CryptoSlate.

The Terra community has voted through the protocol's governance system to burn all TeraUSD ($UST) that the project's community pool held, along with the UST deployed for past liquidity incentives on the Ethereum network. As first reported by TheBlock, roughly 11% of the cryptocurrency's existing supply is now being burned, meaning 1.3 billion UST are