An official from the International Monetary Fund (IMF) says that there could be further drops in both the equities and crypto markets in the near future.
In a new interview with Yahoo Finance, Tobias Adrian, director of monetary and capital markets for the IMF said the stablecoin sector, in particular, could be vulnerable in such a downturn.
“We could see further selloffs, both in crypto assets and in risky asset markets, like equities… There could be further failures of some of the coin offerings – in particular, some of the algorithmic stablecoins that have been hit most hard, and there are others that could fail.”
Adrian isn’t just concerned about algorithmic stablecoins. The IMF official specifically mentioned Tether (USDT), the largest stablecoin by market cap,