While the Terra crash raised concerns that the stablecoin experiment has failed, it may have actually kicked off a brand new era that could see stablecoins become an established part of the global economic system.
. This was not Terra-collapse related but based on a regime first proposed by Japan’s Financial Services Agency in March 2021. The new law guarantees face-value redemption, restricts stablecoin creation to regulated institutions, and requires stricter Anti-Money Laundering measures.Despite these warnings and emerging policy steps, what seems to be missing is a clear distinction between algorithmic and asset-backed stablecoins.
And compounding the sense that reality is outstripping regulators’ ability to keep up, the existence of fully backed coins, such as USDC, seems to remove any need for the U.S. government to develop its own central bank digital currency, or what some call the “digital dollar.”Darkest before the dawn Many commentators are reveling in the crypto gloom, stoking the latent skepticism many people feel about the entire crypto project unleashed by Satoshi Nakamoto.
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