“The apparent security of stablecoins has made them attractive to people in countries that experience high inflation or currency devaluations, such as Argentina, Iran, and Nigeria. The UST crash, which has hit other crypto assets, shattered that illusion. Valeria is one of more than a dozen people Rest of World spoke with, from countries including Argentina, Venezuela, Iran, Iraq, and Nigeria, who invested in UST — the third-largest stablecoin — and its accompanying Luna token, and who said they have now lost tens of thousands of dollars in savings.”

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