current position:Home>”Will "stable currency instability" be an encrypted "Lehman" moment?

”Will "stable currency instability" be an encrypted "Lehman" moment?

2022-05-14 19:55:22Bitpush news

The algorithm stabilizes the currency UST Serious decoupling ,Luna Tokens are almost “ Zeroing ”, The largest stable currency in market value Tether Thursday briefly fell below 1 dollar , Major blue chip tokens have fallen to the recent freezing point , Once reached 2 The total market value of trillions of dollars of encryption has shrunk to 1.3 Trillions of dollars , The encryption market is setting off a bloodbath .

Some analysts suspect that ,“ Stable currency is unstable ” I'm afraid it will become encrypted ” Lehman “ moment .

2008 year , Lehman Brothers, the fourth largest investment bank in the United States, failed in investment , After the failure of negotiation and acquisition, it announced to apply for bankruptcy protection , Triggered a shock in global financial markets . Corresponding to today's encryption market ,UST This week's crash , When it should have been with the dollar 1:1 The pegged stable currency fell to... On Wednesday 0.30 At the low point of the dollar , Encryption investors Aaron Brown To Bloomberg :“ The current situation is a bit like that of securities companies Bear Stearns At the time of collapse , People's attention began to focus on whether Lehman would fail ”.

Tether Short decoupling raises concerns

Stable currency UST The decoupling incident has been simmering for several days , People are seeing UST After the thunderstorm, there were doubts about other stable coins . Similarly, , Stable currency with the largest market value Tether(USDT) Decoupling also occurred .

5 month 12 Morning and morning ,Curve On the value of 19 $ 3 pool The proportion of pool assets has seriously tilted ,DAI,USDC,USDT The proportions of the two are respectively 8.12%,7.7%,84.17%. The pool has value 16 Billion USDT , Only about 3 Billion of liquidity available for exit . according to Curve That's what I'm saying , if USDT More than 87%, It will accelerate USDT Decoupling .

And then , The price of the stable currency fell to... On some exchanges 0.95 dollar . meanwhile ,Tether Chief technical officer Paolo Ardoino Remind me on twitter that ,Tether Passing tether.to With 1 The price in US dollars USDT redeem .

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Up to now ,USDT The anchoring has been basically restored .Tether Make a statement :“Tether Through many black swan events and highly volatile market conditions, it has remained stable . Even in the darkest days ,Tether And never fail to fulfill any verified customer's redemption request .Tether We will continue to do so , This has always been its practice .”

USDT The decline is more stable than its peers, such as UST The collapse of is even more worrying .USDT Supported by real-world financial assets , Its undocking may have an impact on the traditional market and the field of encryption .

Cryptocurrency exchange Luno International director of Vijay Ayyar Express , because UST The impact of the slump ,Tether Your behavior may be “ Speculation driven fear ”,“ As we can see , Such news events have caused a stir in the market .”

OANDA Senior analyst Jeffrey Halley In its analysis report :“ If a stable currency anchored to the physical dollar ( Not algorithmic stable currency ) rupture , Things will soon become ugly , And may lead to cross margin selling of other asset classes ”.

“ Infectious effects ”

And 2008 The collapse of Lehman Brothers in was different , The debt default caused by the latter led to the domino effect of the global financial crisis ,UST The market value of may not be enough to cause the collapse of cryptocurrency system wide . However , That being the case , Negative market sentiment may lead to further weakening of cryptocurrency prices .

Coinmarketcap data display , At present, the market value of all stable currencies is 1670 Around $100 million , Compare with 5 month 10 Japanese 1813 Billion dollars evaporated further 7.8%.

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Encryption risk fund Token Bay Capital founder Lucy Gazmararian To Fortune magazine :“ Any contagion can be related to negative emotions and selling pressure , Not the result of any cross chain risk expansion at the infrastructure level .UST The collapse of has spooked the broader cryptocurrency market , And lead to large-scale retail selling ”.

Greenland Founder of investment management company Anant Jatia stay LinkedIn writes , Whereas Tether Become the center of cryptocurrency flow ,Tether The collapse of the anchor “ Will destroy a large part of the crypto ecosystem ”.

But according to GlobalBlock analysts Marcus Sotiriou That's what I'm saying , as long as Tether Do not go with Terra The same path , Cryptocurrency can avoid its “ Lehman Brothers moment ”. He told the Business Insider Express :“ Because it can cause infection , Some people call it ‘ Lehman brothers ’ The moment of , But I am optimistic that ,UST The fall in will not lead to disastrous consequences …… I Believe USDT Your anchoring will resume , Because I think Tether Our reserves have enough support , And its mechanism is better than UST Stable currency is safer ”.

Sotiriou added ,Terra The implosion of may have a wide impact on the encryption market , Because many projects and enterprises are exposed to stable currency , Including many funds 、 Venture capital and market makers , This may force them to liquidate other positions ”.

Maybe the outbreak of the crisis is all financial products 、 The only way for a bull market and a foam , Whether the US government will rescue the market is unknown , Because the current law does not provide a comprehensive standard for stable currency issuers . Compared with previous reports , The Biden administration has urged Congress to pass legislation , Supervise the issuer of such assets , US Treasury Secretary Yellen told Senate lawmakers on Tuesday ,TerraUSD The slump in has exacerbated the government's concerns , That is, stable currencies, including traditional asset-backed and algorithmic varieties, may be affected by investor runs , Call on Congress to develop a regulatory framework as soon as possible .

DataTrek Research In a report on Thursday, it said :“ There are 1.3 Trillion dollars linked to the virtual money market , So any threat to this market will also have an impact on real-world wealth , We expect the United States to conduct more active regulation in this regard ”.

author :Zeqi YI,Mary Liu

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