The writer is professor of law at the American University Washington College of Law
In the wake of the collapse of one of the world’s biggest so-called stablecoins, people are asking the wrong questions.
Stablecoins are touted as the safer part of the crypto market, designed to hold a constant value per coin of $1. But it did not work out that way for the recently stricken terraUSD.
Its dramatic failure has raised questions about which kinds of stablecoins are the most stable, and about what guardrails are needed to protect users. These are not the questions we should be asking, though. The real question is: “Should stablecoins even exist?”
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