$60 billion collapse of major cryptocurrency is not the industry's Bear Stearns moment — senators and regulators explain why
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Stablecoins are a type of cryptocurrency whose value is tethered to the price of a real-world asset, such as the U.S. dollar. In early May, a popular stablecoin known as terraUSD, or UST, plummeted in value, in what some have described as a "bank run" Some investors have called the events of the last month a Bear Stearns moment for crypto. But so far, government officials don't seem to be worried about a crypto crash taking down the broader economy. Several senators and regulators told CNBC on the sidelines of the DC Blockchain Summit this week that the spillover effects are contained. Source