The collapse of terraUSD (UST) is algorithmic stablecoins’ Libra moment – at least, as far as regulators are concerned. nikhileshde writes in this week's State of Crypto newsletter.
Regulators are all of a sudden paying close attention to algo stables generally, and UST and luna in particular.
Moreover, she later made it clear that she isn’t saying UST is exactly like Tether: “it depends on the backing of the stablecoin. Terra is algorithmic and doesn't really have a backing as such.” Potential regulations will likely focus on how the stablecoins – and other cryptocurrencies – are being used.
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