The dramatic collapse of the Terra environment has captured the attention of authorities located in every region of the world! This week, the finance ministers of the G7 countries will get together and discuss crypto assets as one of their primary concerns.
According to Francois Villeroy de Galhau, the president of the French central bank, the topic of the regulation of crypto-assets is anticipated to be discussed during a conference of the finance chiefs of the Group of Seven nations that is taking place this week in Germany.
Alluding to the recent upheaval that has happened in the markets for crypto-assets, Villeroy said at a Paris conference on emerging markets that “what has transpired lately is a wake-up call for the urgent need for worldwide regulation.”
He proceeded by saying,
“It is likely that we will… discuss these problems, along with a great many others, at the G7 summit in Germany this week.”
The necessity for audits of stablecoins is become more urgent.
As a result of the failure of the TerraUSD (UST) stablecoin, players in the market are demanding that all existing stablecoin producers do an exhaustive analysis.
The demand for stablecoin audits has surged as a result of the events that took place in the cryptocurrency arena over the previous week. A conspiracy that has been going on for a very long time has focused on the actual US dollar reserves that are held for the Tether (USDT) stablecoin.
The Chief Technology Officer of Tether, Paolo Ardoino, provided a response by stating,
“We have redeemed 7 billion in 48 hours without batting an eye.” How many different types of institutions are able to achieve this? If the market so chooses, we are able to handle huge redemptions and pay everyone in equal proportions thanks to our ample liquidity. Tether has the support of the whole community.”