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

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Their recent collapse shows that stablecoins are ill-equipped as a form of money, and central banks are better placed to run digital payments, says the Asia-Pacific chief of the Bank of International Settlements.

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.

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Author / Journalist: Georgina Lee

Category: Technology

Topics: Being Terrausd Value Market Us$18 Peak Third-largest Plunge Billion Stablecoin Capitalisation

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2022-06-26, 17:45:13

News Timezone: GMT +8:00

News Source URL: scmp.com

Language: English

Reading Time: 1 minutes read

Article Length: 50 words

Coverage Area: Hong Kong

Availability: Desktop Web, Mobile Web

News ID: 15018

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