Does the catastrophic event of Terra's algorithmic stablecoin UST that unfolded last month mark the end of automated stablecoins? Reeve Collins believes so.
Tether Co-Founder Believes TerraUSD’s Collapse Could Be the End of Algorithmic StablecoinsDoes the catastrophic event of Terra’s algorithmic stablecoin UST that unfolded last month mark the end of automated stablecoins? Reeve Collins believes so.
“It’s unfortunate that the money … was lost, however, it’s not a surprise. It’s an algorithmic-backed, stablecoin. So it’s just a bunch of smart people trying to figure out how to peg something to the dollar. Terra’s fall from grace led to many speculating about the death of other stablecoins, but these notions are overblown. The big ones, such as USD Coin and Tether , haven’t been immune to criticism either but have been around long enough to be widely used and trusted.
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