FT News Briefing Stablecoins aren’t so stable after all
May 13, 2022
Norway's oil fund takes a hard stance against corporate greed and high executive pay. Meanwhile, former Ukrainian officials believe they could reclaim territories from Russian forces soon. The latest turmoil in the cryptocurrency market, especially with stablecoins like Tether, raises concerns about broader financial repercussions. Additionally, the Senate confirms Jay Powell for another term as chair of the Federal Reserve, emphasizing the critical intersection of economic leadership and market health.
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Executive Pay Scrutiny
- Norway's oil fund, a major global investor, criticizes excessive executive pay.
- It voted against pay packages at Intel, Apple, and IBM, citing concerns about performance justification and transparency.
Ukraine War Outlook
- While Ukraine has seen successes, a complete victory remains uncertain given Russia's incremental progress.
- A prolonged conflict may test Western unity due to economic pressures.
Tether's Dollar Reserves
- The largest stablecoin, Tether, faces skepticism about its dollar reserves.
- Its lack of transparency raises questions about its ability to maintain its peg, especially during market downturns.