The plunge in the value of TerraUSD, one of the biggest cryptocurrencies, has strengthened the resolve of regulators around the world wanting to tighten oversight of the crypto trading system, Nikkei Asia reported.
TerraUSD had a market value of nearly $19 billion at its peak, before it plunged last week from $1 per token to just 16 cents on Friday. US Treasury Secretary Janet Yellen said stablecoins – which, like TerraUSD, are tokens pegged to fiat currencies such as the US dollar – present risks to the traditional finance system, the report said.
Read the full story: Nikkei Asia.
This report was updated on Monday May 16 to improve clarity.