The crypto economic system has suffered two main crypto failures this 12 months: the collapse of Luna/TerraUSD in Might and the failure of FTX in November. In each situations, the world’s largest stablecoin, Tether, was caught within the blast radius as waves of redemptions poured into the corporate. It shrunk by $18 billion, or 21%, in Might and June and by one other $4 billion, or 6%, in November.
