Cryptocurrencies
DeFi Believers Never Say Die, Even After They See Terra’s Demise
- Justin Sun’s new USDD stablecoin is offering a yield of 30%
- Sun sees need for assets outside the control of central banks
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Hardcore believers in the future of decentralized finance aren’t giving up on algorithmic stablecoins even after the spectacular collapse of TerraUSD (UST), saying they remain key for moving to a world without intermediaries such as banks and brokerages.
“An algo stable will exist in the next five-to-seven years,” said Hassan Bassiri, a portfolio manager at Arca, which was an investor in Terra. “And it has to exist or else what are we even doing in this space?”