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UST Depegging Catches the attention of United States Treasury Secretary Yellen, Who Calls for Stablecoin Regulation by EOY

Treasury Secretary Yellen to discuss stablecoins with regulators next week

  • UST’s de-pegging sage over the last 72 hours has captured the attention of United States Treasury Secretary Yellen
  • United States Treasury Secretary Yellen has explained the dangers of stablecoins such as UST and has required their policy by the end of 2022
  • Terra’s Do Kwon has Tweeted that he will reveal a healing preparation for UST soon

TerraUSD’s (UST) troubles in the crypto markets in the last couple of days, have not gone undetected by authorities at the United States Treasury. Earlier today, United States Treasury Secretary Yellen mentioned the dangers of stablecoins such as UST throughout a Senate hearing in Washington, DC. She stated:

I would keep in mind that there was a report today in the Wall Street Journal that a stablecoin called TerraUSD experienced a run and decreased in worth. I believe that this just shows that this is a quickly growing item and there are threats to monetary stability and we require a structure.

United States Treasury Secretary Yellen was reacting to concern on stablecoins by Senator Pat Toomey. She likewise included that a stable coin policy is necessary and immediate which Congress needs to offer instructions by the end of the year.

Terra’s Do Kwon To Announce a Recovery Plan

At the time of composing, Terra’s Founder, Do Kwon, has mentioned using Twitter that he is set to reveal a healing preparation for UST soon which he did not imply to be so peaceful over the last couple of days.

Didn’t indicate to be so peaceful– required razor focus to provide, thanks everybody for the assistance.

— Do Kwon (@stablekwon) May 10, 2022

The Luna Foundation Guard at One Point, Drained its Entire Bitcoin Reserves

Yesterday’s de-pegging of UST was so serious that the Luna Foundation Guard moved its whole 42,530 Bitcoin reserve holdings into Binance. The relocation was indicated to job market makers with preserving the peg of UST. The group at the Luna Foundation Guard discussed the series of occasions through the following declaration

The last clip withdrawn by the LFG was ~37 K BTC.

Similar to the last release, it has been lent to MMs.

Very little of the current clip has been invested however is presently being utilized to purchase $ UST

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