Earlier this month, when the Group of Seven (G7) met in Germany, they clearly stated that since May 8, the plummet of the stable coin TerraUSD (UST) and losing its peg to the US dollar had caused tremendous fluctuation of the entire digital currency market. Senior G7 finance officials called for the Financial Stability Board (FSB) to speed up the regulation of digital assets. The G7 urged the FSB to develop rules and implement comprehensive supervision quickly.
The governor of the Bank of France said that inconsistent laws overseeing digital currency assets could lead to chaos in the entire international market. Janet Yellen, the Secretary of the Treasury of the United States, reiterated the establishment of a consistent regulatory framework for the stable coin to avoid some financial risks.
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