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Nationals promote Terra sponsorship amid cryptocurrency's collapse

By Andrew Cohen, SportTechie

Terra, the cryptocurrency company that signed a $40M partnership with the Nationals in February, had its algorithmic stablecoin TerraUSD (UST) trade at less than $0.30 yesterday. Terra’s UST is meant to maintain a 1-to-1 peg with the U.S. dollar as a so-called “stablecoin” intended to serve as a less volatile form of cryptocurrency. On Tuesday amid the coin’s rapid market plunge, the Nationals tweeted a “crypto 101’ video from their official account that was presented by Terra. The 45-second video details perceived benefits of cryptocurrency such as “cryptocurrency can’t be counterfeited or double-spent […] and allows for secure transactions with no middle-man.” U.S. Treasury Secretary Janet Yellen mentioned the collapsing value of TerraUSD during her testimony on Tuesday for the U.S. federal government to pass a regulatory framework for stablecoins. “A stablecoin known as TerraUSD experienced a run and declined in value,” Yellen said according to MarketWatch. “I think that simply illustrates that this is a rapidly growing product and that there are risks to financial stability and we need a framework that’s appropriate.” The food and beverage club located behind home plate at Nationals Park was renamed The Terra Club in February as part of the team’s five-year deal with Terra. As part of that deal, MLB said that UST could be accepted as a payment method at Nationals Park as early the '23 season. 

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