Streszcz. ang. s. 81. Bibliogr. s. 96-97. DOI artykułu: 10.32082/fp.6(80).2023.1252 (nie jest aktywne)

The article considers implications of algorithmic stablecoins, with a particular focus on the Terra/Luna ecosystem and their impact on the financial and regulatory landscape. It examines the collapse of TerraUSD (UST) and its subsequent effects on the global cryptocurrency market. The article delves into the mechanics of UST’s pegging mechanism, which relied on complex algorithmic adjustments without fiat collateral, leading to its dramatic devaluation. The study highlights the regulatory challenges posed by decentralized financial systems and algorithmic stablecoins, emphasizing the difficulties in legally addressing the actions of creators within a system perceived as a financial pyramid. It underscores the need for clearer regulatory frameworks, not only in Polish legislation but also under the MiCA (Markets in Crypto-Assets) regulation in the EU, along with similar legislative efforts globally. By analyzing the systemic risks and vulnerabilities exposed by the Terra/Luna collapse, the article advocates for a balanced regulatory approach that ensures investor protection while fostering innovation.