Stablecoins are increasingly under pressure after the Terra's UST meltdown last week.
six months after it soared to a record high. Interestingly, these losses are bigger than those witnessed during the 2007's subprime mortgage market crisis — around $1.3 trillion, which has prompted fears that creaking crypto market risk will spill over across traditional markets, hurting stocks and bonds alike.A massive move lower from $69,000 in November 2021 to around $24,300 in May 2022 in Bitcoin's price has caused a selloff frenzy across the crypto market.
to $0.95 on May 12. But unlike TerraUSD, Tether managed to recover back to near $1, primarily because it claims to back its dollar peg using good old-fashioned reserves, including the real dollars and government bonds.But that is where the trouble begins, according to a warning issued by rating agency Fitch last year.
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