In today’s briefing:
- The State of Stablecoins
The State of Stablecoins
- Stablecoins are systemically important in cryptocurrency markets, so even the slightest depeg can cause mass market contagion.
- As such, it is concerning that stablecoins have been particularly volatile since the start of 2023
- TUSD wobbled amid Prime Trust’s closure, USDT depegged due to mysterious selling activity, BUSD has been increasingly volatile since Paxos halted issuance, and USDC crashed during the March banking crisis.
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