• Niall Ferguson


June 12, 2022, Opinion: "The precipitous fall of Terra has re-energized crypto skeptics. On May 10, amid Terra’s collapse, Treasury Secretary Janet Yellen argued before the Senate Banking Committee that stablecoins create “run risks, which could threaten financial stability, risks associated with the payment system and its integrity.” Clearly, not every token that calls itself a “stablecoin” is stable, but Ms. Yellen is wrong to think that stablecoins pose a systemic risk to financial stability." Read Via the Wall Street Journal

HKS Author - Niall Ferguson