Crypto custodian Hex Trust says the recent meltdown of stablecoin TerraUSD (UST) and its sister token Luna will herald more intervention by regulators, paving the way for more asset managers to join the crypto space.
when the Singapore-based company’s crypto tokens, UST and Luna, collapsed early last month. The crypto custodial firm said it had managed to avoid the “bloodbath” by liquidating its collateral positions in the days just prior to the implosion.begin to emerge over the weekend of May 7 and 8, when investors started pulling their funds out of Anchor Protocol, a crypto lending platform that promised nearly 20% interest payments for deposits of UST.
Hex Trust is a crypto custodian firm that safeguards clients’ private keys—the passwords that allow users to send and receive cryptocurrencies—from theft or accidental loss. Custodians typically earn fees for holding assets so that asset managers can instead focus on investment decisions. , and the U.K. government has proposed amending existing rules to give the Bank of England the power to manage failed stablecoin issuers.The crypto market is now in the “hospitalization triage” phase, according to Quaglini, with
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