Blog: Yellen Renews Call for Stablecoin Regulation After TerraUSD Stumble – The Wall Street Journal

WASHINGTON—A decline this week in the price of a major cryptocurrency that was purportedly pegged to the dollar prompted Treasury Secretary Janet Yellen on Tuesday to reiterate calls for Congress to authorize regulation of so-called stablecoins.

TerraUSD, the fourth-largest stablecoin and 10th-largest cryptocurrency by market value according to CoinMarketCap, saw its price fall as low as 69 cents Monday after a series of large withdrawals over the weekend. Like other stablecoins, TerraUSD is intended to be a haven of sorts for cryptocurrency investors, with its price designed to remain fixed at $1.

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