The collapse of TerraUSD (UST), which wreaked havoc on the crypto market, has forced global regulators into taking steps to regulate stablecoins.
The catastrophic failure of Terra’s algorithmic stablecoin, TerraUSD , last week exacerbated the chaos in the crypto industry and accelerated plans to regulate the stablecoins market., global financial regulators started proposing different legislations to regulate stablecoins better and prevent similar incidents from occurring in the future.Over the weekend, the United Kingdom Treasury revealed plans to legalize stablecoins as a payment medium in the country.
The Treasury pointed out that UST’s failure is a testament to the fact that not all stablecoins are suitable as a reliable payment method, adding that they are similar to the more volatile cryptocurrencies.
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