TerraUSD saw its value plunge to almost nothing in May from being the third-largest stablecoin with a US$18.7 billion market capitalisation at its peak. Photo: Shutterstock
TerraUSD saw its value plunge to almost nothing in May from being the third-largest stablecoin with a US$18.7 billion market capitalisation at its peak. Photo: Shutterstock

Stablecoin implosion shows it has ‘no role’ as a form of money, says Bank of International Settlements’ Asia chief

  • The recent collapse of stablecoins shows their attempt to peg to the dollar does not in fact make them stable, says the Asia-Pacific head of BIS
  • Central banks are better placed to provide the core of the future monetary system, he said

TerraUSD saw its value plunge to almost nothing in May from being the third-largest stablecoin with a US$18.7 billion market capitalisation at its peak. Photo: Shutterstock
TerraUSD saw its value plunge to almost nothing in May from being the third-largest stablecoin with a US$18.7 billion market capitalisation at its peak. Photo: Shutterstock
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