Stablecoins aren’t stable: Why TerraUSD is crashing ...Middle East

Quartz - Economy
Stablecoins aren’t stable: Why TerraUSD is crashing
source : Quartz ( Middle East ) () 16
The crypto economy is known for seismic price fluctuations. Prices of cryptocurrencies and non-fungible tokens (NFTs), blockchain-based digital assets, can swing wildly throughout the day. But the one asset that’s supposed to remain stable across the crypto ecosystem are stablecoins.Stablecoins are tokens pegged to the value of a government-backed currency such as the US dollar or commodities such as silver or gold. Tether (USDT) and USD Coin (USDC), the two leading stablecoins, assure buyers of their stable value by promising to hold sufficient assets from the traditional financial system to match the value of outstanding tokens: cash, commercial paper, certificates of deposit, and Treasury

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