US congress research agency weighs in on UST crash, notes gaps in regulation
The CRS described the TerraUSD crash as a “run-like” scenario where holders started to doubt the reserves that back the dollar peg. The Congressional Research Service (CRS), a legislative agency that supports the United States Congress, has published a document that contains a rundown on algorithmic stablecoins and points out key factors to look at in the TerraUSD (UST) crash. In the report, the CRS described the UST crash as a “run-like” scenario and posited that there are policy issues connected to the risk of such events. According to the CRS, a “run” situation starts when holders are....
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