Following the TerraUSD (UST) collapse and related events, the Global Digital Asset and Cryptocurrency Association (Global DCA) in collaboration with Lisa Weingarten Richards and Maggie Sklar from Davis Wright Tremaine (DWT) published the report “Beyond Terra: An Assessment of Stablecoin Benefits and Policy” (“Beyond Terra”).
The report received positive support from many companies, thought leaders, and policymakers. It was also selected as a featured paper for this year’s DC Fintech Week, which showcases cutting-edge thought leadership and research from fintech academics, innovators, and others. On the other hand, the report was also subject to criticism from stablecoin skeptics, and may make points that are not in line with the stablecoin sections in the Financial Stability Oversight Council’s (FSOC) recent report: “Digital Asset Financial Stability Risks and Regulation.” This paper is a response to the critiques of the original publication, addresses some of the stablecoin rhetoric we find problematic in the FSOC report, and brings our information about true stablecoins up to date.
Please click below to read the full response.