Tech Brew Ride Home Tue. 05/10 – UST Stablecoin Not So Stable
May 10, 2022
The recent collapse of the UST stablecoin raises major concerns in the crypto space. Tiger Global suffers staggering losses as the tech investment landscape shifts dramatically. Tensions rise as Match Group sues Google over app billing practices. Meanwhile, GDPR's effects ripple through the app market, leading to fewer, but higher-quality, Android apps. Amazon's surprising collaboration with local shops for delivery highlights innovation in logistics. Plus, Hugging Face emerges as a key player in the machine learning world, drawing attention with its $2 billion valuation.
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UST Stablecoin De-Pegging
- The UST stablecoin, an algorithmic stablecoin, lost its peg to the dollar, falling to 60 cents.
- This event caused concern due to its potential systemic implications for the crypto market.
Tiger Global Losses
- Tiger Global lost approximately $17 billion in the 2022 tech sell-off, wiping out two-thirds of its gains since 2001.
- This massive loss highlights the risks of aggressive tech investing, even for experienced firms.
GDPR Impact on App Economy
- A study suggests that GDPR reduced apps on Google Play by a third, increased costs, and reduced revenue for developers.
- This implies a trade-off between user privacy and app market diversity and affordability.