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Nobel Laureate Steve Hanke: Stablecoins Face Cross-Currency Settlement Risks

By WebsCryptoJune 30, 20221 Min Read
Nobel Laureate Steve Hanke: Stablecoins Face Cross-Currency Settlement Risks
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Stablecoins face cross-currency settlement risks due to time lags, Nobel laureate Steve Hanke said in an interview with Yahoo Finance on Wednesday.

The economist warned of cross-currency settlement risks for stablecoins because they flow between buyers and sellers in minutes, but the assets backing these stablecoins take at least a day to settle.

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Hanke referred to the 1974 Bankhaus Herstatt crisis, when Bankhaus Herstatt, which had $800 million in assets, was closed by Federal German authorities after suffering $450 million in foreign exchange and other losses.

In the digital asset ecosystem, TerraUST, an algorithmic stablecoin pegged to the U.S. dollar, was previously de-pegged from the U.S. dollar, putting the rest of the crypto market at risk, according to Hanke.

Related News:
  • Binance Announces New Stablecoin Amidst Plans to Discontinue BUSD Support
DISCLAIMER: The information provided by WebsCrypto does not represent any investment suggestion. The articles published on this site only represent personal opinions and have nothing to do with the official position of WebsCrypto.
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