Terra's disastrous crash has been mentioned by SecYellen UST
organized by the Senate Banking, Housing and Urban Affairs Committee, U.S. Treasury Secretary Janet Yellen called attention to the recent collapse of Terra's UST stablecoin.
In response, Sen. Pat Toomey noted that UST is an algorithmic stablecoin, meaning that it is not backed by cash or securities. Yellen believes that Congress should pass legislation that would regulate the issuers of stablecoins. She thinks that it would be"very appropriate" to pass it as soon as this year.The world's most powerful economist has noted that the outstanding stock of stablecoins is growing at a very rapid pace, which is why there is a need for a"consistent federal framework."
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