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Yellen to Chair Talks on Stablecoin Risks, WSJ Reports
FILE PHOTO: U.S. Treasury Secretary Janet Yellen speaks during a news conference, after attending the G7 finance ministers meeting, at Winfield House in London, Britain June 5, 2021. Justin Tallis/Pool via REUTERS/File Photo

(AF) US Treasury Secretary Janet Yellen is to head a meeting of finance experts amid concern that stablecoins – cryptocurrencies linked to fiat currencies – are posing risks to markets, according to the Wall Street Journal.

Crypto exchanges and derivatives traders use stablecoins, including tether and Binance USD, as collateral and also to pay out on some contracts but some market participants view them as untrustworthy, the report stated. 

Mark McCord

Mark McCord is a financial journalist with more than three decades experience writing and editing at global news wires including Bloomberg and AFP, as well as daily newspapers in Hong Kong, Sydney and Melbourne. He has covered some of the biggest breaking news events in recent years including the Enron scandal, the New York terrorist attacks and the Iraq War. He is based in the UK. You can tweet to Mark at @MarkMcC64371550.

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