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Deutsche Bank analysts believe most stablecoins are doomed to fail following an internal analysis of 334 currency pegs over the past 200 years.
Tether – the world’s largest stablecoin with a $110 billion market cap – has a “monopoly in the stablecoin market that has been filled with speculation and lack of transparency,” they said.with help from BDO – the fifth-largest accounting network in the world. Unlike its largest competitor, Circle, it’s yet to undergo a full audit from a Big Four accounting firm.
Studying past currency pegs, researchers noted that stablecoin issuers should pay attention to macroeconomic factors.
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