Yellen Says Crypto Poses No Systemic Risk to Financial System
-Treasury Secretary Yellen believes that the crypto market has not yet reached a level of systemic risk, but it could in the future.
-Yellen also addressed the recent meltdown of the Terra stablecoin UST.
-Yellen noted that UST, which is supposed to pegged to $1 but is currently trading around 48 cents, had “broken the buck” and that Tether, the largest stablecoin, had briefly done the same on Thursday morning.
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