CoinDesk feature: Covario’s Head of Trading discusses stablecoins

As featured in CoinDesk’s “First Mover” newsletter (May 11th 2022) written by Lyllah Ledesma

Graph source: CoinDesk’s ‘First Mover’ daily newsletter

“This illustrates the current flaws with algorithmic stablecoins and I expect it to have a durable effect on others in the space,” noted Florian Giovannacci, head of trading at Covario AG, in a Telegram chat with CoinDesk.

“This will trigger a risk repricing on all stablecoins,” said Giovannacci. “The winner out of this will be clearly USDC.”

According to Giovannacci, USDC is the safest stablecoin because it is fully backed and audited. “I expect its market share to get a boost with such events, especially if tight U.S. regulation comes by year-end.”

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About Covario AG

Covario is an award-winning Swiss-based Crypto Prime Brokerage founded in 2019. Covario’s Prime Brokerage platform is a holistic solution for digital asset trading, algorithmic trading, clearing, financing and custody for institutional clients. Backed by a team of professionals with deep experience and understanding of institutional financial services, Covario’s offering combines asset protection and global reach with operational ease and efficiency. Visit: www.covar.io

Press Inquiries

jen.chae@covar.io | pr@covar.io

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