The collapse of terraUSD made some think twice about stablecoins. No such reservations for BermudaPremier David Burt, he told jackschickler at Consensus2022.
AUSTIN, Texas — The collapse of Terra’s terraUSD made some investors think twice about buying stablecoins. The algorthmic stablecoin, pegged to the U.S. dollar, turned out to be less than stable, and investors in stablecoins as a whole were spooked about being left with nothing.
“What Bermuda wants to be is the hub of the global stablecoin market, where it is issued under a regulated environment so investors and citizens can have confidence,” he said. “There are stablecoins, but then there are regulated stablecoins.” “Digital assets broadly are going to change the way in which the world operates,” Burt said. “We believe that is certainly going to be the future, and we want Bermuda to be the home of innovation.”
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