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How Terra collapse nearly killed algorithmic stablecoins

The spectacular failure of Terra has caused money to flee from algorithmic stablecoins and has seen many abandon their plans.

Maker will be able to remotely freeze its new USDS stablecoin

Maker DAO is incentivizing DAI holders to convert their stablecoins into the new, reward-yielding USDS, which has a remote freeze capability.

Christian Angermayer, a German billionaire who previously connected SoftBank to Wirecard, is now connecting Tether to investments.

Despite Sun and USDD’s claims that it is governed by a DAO, there are no governance votes that seem to correspond to the change.

Despite Tether’s gargantuan size and billions in annual profit, just five wallets have opened aUSDT positions and only 32 wallets hold it.