The US National Institute of Standards and Technology (NIST) has published a preliminary draft highlighting various security considerations related to the architecture and adoption of cryptocurrencies.
Last year’s top 20 stablecoins study NIST meetThat the top 5 coins accounted for 87% of the total market capitalization in the top 20. Among the top 5 stablecoins based on market capitalization were:
All five tokens are pegged to the US dollar. and has a mean minimum of $0.9934 (-0.66%) and a maximum minimum of $.9871 (-1.29%) for the duration of the study.
NIST also highlighted the death spiral of TerraUSD (UST), the third largest stablecoin by market capitalization at the time of the study. which lost value in May 2022
Some of the security concerns also include unauthorized or arbitrary mining, collateral theft, smart contract vulnerabilities, data oracles, and underlying blockchain exploits.
According to NIST, centralized financial architecture (CeFi) is more vulnerable to reliability issues. due to the dependence on human credibility Decentralized finance (DeFi) is often vulnerable to security issues. Due to the increasing complexity of smart contract code and the important functions
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