The crypto community saw how users from all over the world barked on Twitter about the crash of Terraform Labs last week. But what if we take a look at what specialized analysts have to say about it?
Financial commentator Frances Coppola is convinced that algorithmic stablecoins such as TerraUSD will always be vulnerable to sudden collapses, no matter how much the technology improves.
Terra’s UST stablecoin, which relied on an algorithm to maintain a peg to the U.S. dollar, collapsed last week, sparking turmoil in the crypto markets. As McGlone pointed out, Tether already depegged briefly in April 2019 when the New York state attorney general filed a lawsuit against its sister company, Bitfinex.Coppola, on the other hand, pointed out that while investors were redeeming Tether en mass amid Terra’s collapse, other stablecoins such as USD Coin and Binance USD performed as safe-haven assets, thus proving to be more trusted.
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