3 ms·
UK is talking about backstopping the stable coins is an example of influence. I assume they are referring to Tether which hasn't completed an audit. https://ww
by adrr 4y ago
UK is talking about backstopping the stable coins is an example of influence. I assume they are referring to Tether which hasn't completed an audit.
https://www.cnbc.com/2022/05/31/uk-plans-new-safeguards-for-stablecoins-after-terra-collapse.html https://www.cnbc.com/2022/05/31/uk-plans-new-safeguards-for-...
- JumpCrisscross 4y ago> UK is talking about backstopping the stable coins London’s talking about regulating and ringfencing them. Not backstopping.
- seanhunter 4y agoYes exactly. Having a regulatory regime to resolve a failure and minimise contagion (which is one of the things they're talking about) makes sense and cases like this 3AC one show why. It's not about protecting crypto participants, it's about reducing the damage to the system overall and impact to non-crypto participants caught in the blast radius when something central fails.