According to the information reported by Reuters, the crisis in TerraUSD (UST) prompted the G7 finance ministers to act.
According to the news of Reuters, G7 finance ministers included the following statement in a draft text they prepared:
“As the G7; As a result of the recent crisis in the crypto-asset market, the Financial Stability Board (of this area) harmoniously and comprehensively studies carried out to regulate to speed up We are calling.”
The Financial Stability Board, an international body headquartered in Basel, monitors the global financial system and carries out activities that support financial stability.
Financial Stability Board officials, how stablecoins will be regulated and will be observed that they will prepare a report on they will publish in october of last year they had announced.
UST, an algorithmic stablecoin whose value is normally held constant at a 1:1 ratio to the US dollar, lost this balance and up to 7 cents had fallen. This crisis seen in TerraUSD has also affected other stablecoins and beyond that the entire cryptocurrency market.