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Briefing
Why Stablecoins Fail: An Economist’s Post-Mortem on Terra

Why do some stablecoins, such as Terra's UST, fail but others do not? Was Terra just an unlucky victim of a classic bank run or speculative attack? Or was its high-yield deposit offering doomed to fail like a Ponzi scheme? What is the limit of the stablecoin's algorithm? What makes payment stable? In this article, we'll dive into potential answers to these questions about the failed stablecoin.
Richmond Fed Economic Brief , Volume 22 , Issue 24

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