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Terra implosion could shape UK stablecoin regulations

In April the UK chancellor announced plans to recognize stablecoins. Terra’s recent collapse will give regulators food for thought.

Meta’s former stablecoin exec launches LightSpark, adopting Bitcoin

After years of attempting to launch a stablecoin for Meta (formerly Facebook), David Marcus has adopted Bitcoin and its Lightning Network.

CoinDesk revealed failed algorithmic stablecoin Basis Cash was created by Terra’s Do Kwon and BitClout’s Nader Al-Naji.

Third-largest stablecoin UST de-pegged from the US dollar, traded as low as $0.62, and lost over $4 billion in market capitalization.

Fir Tree, which manages $4 billion in assets, reckons Tether is backed by watery Chinese commercial paper tied to troubled real estate plays.